Closed petition Do not scrap the additional rate of income tax (45% for income above £150,000)

Closed on 30 March 2023

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.