Submitted by Luke Breaban-Cook on Sunday 25th September 2022
Published on Friday 30th September 2022
Current status: Closed
Closed: Thursday 30th March 2023
Signatures: 31
Tagged with
24 hours ~ Caused ~ Chancellor ~ Chancellors ~ Damaged ~ Economics ~ Economy ~ Events ~ fiscal ~ growth ~ income tax ~ independence ~ inequality ~ market ~ Midnight ~ Money ~ Pounds ~ Ratings ~ Recess ~ Retain ~ Scraps ~ September ~ Tax ~ The Chancellor ~ UK economy ~ work
Do not scrap the additional rate of income tax (45% for income above £150,000)
The policy of abolishing the additional rate of income tax may cause immense damage to the UK economy, giving money to those who don’t need it and increasing inequality: we want the government to retain it now. I believe “Trickle-down economics” has never worked in the past, and will not work here.
The chancellor’s “fiscal event” on 23 September caused the pound to plummet against USD from $1.125 at midnight that day to just $1.09 less than 24 hours later: the worst exchange rate since 1985 (source: https://www.independent.co.uk/business/markets-plunge-in-worst-day-ever-after-minibudget-b2174088.html). I believe this is just a forecast of how the chancellor’s policies will not encourage growth, but will accelerate our economy’s slip into recession.
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