Liz Truss underlines her confidence in the Minister of Finance after the correction in fiscal matters

MADRID, 3 Oct. (EUROPA PRESS) -

The Prime Minister of the United Kingdom, Liz Truss, has underlined on Monday her confidence in the Minister of the Treasury, Kwasi Kwarteng, after the Government has reversed its plan to eliminate the marginal rate of 45 percent that taxed income above 150,000 pounds (171,596 euros) per year.

"We understand it and we have listened," said both Truss and Kwarteng, who have chosen to park an initiative that, in their opinion, was assuming a "distraction" for the general work of the Government. Both have pledged to go ahead with most of the tax cut plan.

In fact, a Downing Street spokesman has indicated that it will be the minister who will present the United Kingdom's medium- and long-term fiscal plan on November 23, implying that no change in the cabinet is expected. To the question of whether Truss still trusts Kwarteng, he has answered with a resounding "yes", according to the BBC.

The Government also hopes that the tax plan can go ahead in Parliament, where changes in a tax that affected 1.7 percent of taxpayers had become a source of internal dissension within the Conservative Party and also a political weapon to the opposition service.

The head of Finance within the Labor Party, Rachel Reeves, has assured that it was "obvious" that the first tax bill was not going to receive the approval of the deputies in any case, so she believes that the Truss government has acted forced by circumstances. "The damage is already done," she said.

The elimination of the 45% marginal rate of income tax, which affects only those Britons who earn more than 150,000 pounds a year, was going to mean a loss of income for the public coffers of 2,065 million pounds (2,362 million euros ) to five years.