Plans unveiled by the Chancellor to drive economic growth will instead “embed unfairness” across the country, politicians have said.
Kwasi Kwarteng announced his mini-budget in the House of Commons on Friday, revealing he would be scrapping the top rate of income tax and reducing the basic rate to 19p in the pound.
Among a raft of measures, he also confirmed plans to axe the cap on banker bonuses while adding restrictions to the welfare system.
The Welsh Government criticised the plans with Rebecca Evans MS saying the UK Government was “prioritising funding for tax cuts for the rich” instead of helping struggling households.
“Today’s announcements show the UK Government is heading in a deeply worrying direction, with misplaced priorities leading to a regressive statement that will embed unfairness across the United Kingdom,” Ms Evans said.
“Instead of delivering meaningful, targeted support to those who need help the most, the Chancellor is prioritising funding for tax cuts for the rich, unlimited bonuses for bankers, and protecting the profits of big energy companies.”
Snap polling by YouGov also shows the proposals have proved unpopular with the public.
Just one per cent of those surveyed thought the measures would help the poor more than the rich, while 40 per cent said they don’t believe the plan will be effective.