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October 23, 2019
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Boris Johnson pledges tax cut for rich if elected as UK PM

Boris Johnson, who run to succeed Theresa May, has pledged to cut taxes for higher earners if he becomes Britain’s next prime minister.

On Monday the race to replace Theresa May officially began in the shadow of Brexit turmoil.

May resigned as leader of the ruling Conservative Party on Friday having failed three times to get parliament to support her European Union divorce deal.

Nominations must be submitted on Monday, with each of the 11 of the candidates who have said they would run needing to secure at least eight backers from the Conservatives’ 300-plus elected lawmakers.

A number of the contenders look set to fall short of the support needed and voting later this week will whittle the field down further.

Former foreign minister Johnson is the bookmakers’ clear favourite and, according to polls, the most popular with the 160,000 party members who will ultimately decide the next leader.

His pledge to raise the point at which workers begin paying a 40 percent income tax to 80,000 pounds ($101,824) from 50,000 pounds led the media headlines on Monday.

The move would cost 9.6 billion pounds ($12.2 billion)annually and be partly funded by using money set aside in the current budget to deal with the consequences of Brexit, the Daily Telegraph reported.

Johnson, who has also suggested that Britain could withhold a previously agreed 39 billion pound ($50 billion) Brexit payment, is one of a number of candidates who has stated that Britain would leave the European Union with or without a deal on the current date of Oct. 31.