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Edition: U.S. Article Comments (0) Full Focus Photos of the week A selection of our top photos from the past week. Full Article Follow Reuters Facebook Twitter RSS YouTube Read Obama pays tribute to unit in bin Laden raid | 06 May 2011 U.S. gas prices hit $4 a gallon, but may retreat 08 May 2011 Bin Laden's widow says they lived in Pakistani house for 5 years 06 May 2011 River flooding begins to "wrap arms" around Memphis | 07 May 2011 Bin Laden had support network in Pakistan: Obama | 08 May 2011 Discussed 151 Concerns raised over shooting of unarmed bin Laden, burial 141 Obama at U.S. base to pay tribute to bin Laden mission 104 Boehner demands trillion-dollar cuts in debt deal Watched US releases video of bin Laden from compound Sat, May 7 2011 Bin Laden on tape Sat, May 7 2011 After bin Laden Obama focuses on economy Sat, May 7 2011 South Korea ruling party mulls policy shift amid crisis Tweet Share this By Jack Kim SEOUL (Reuters) - South Korea's ruling party will block further tax cuts for companies and individuals and instead boost financial support for the poor, a newly appointed party leader said Monday, as the crisis-hit government strives to... Email Print Related News Singapore ruling party retains power but PM eyes change Sun, May 8 2011 Singapore's PAP retains power; opposition makes gains Sat, May 7 2011 Britons punish Lib Dems for coalition role Fri, May 6 2011 Democrats, Republicans edge closer on debt deal Thu, May 5 2011 Canada Tories to follow tax-cut, pro-business agenda Tue, May 3 2011 Analysis & Opinion The WSJ’s dubious fiscal reporting Tax season is over (phew). Now what? Related Topics World » South Korea » South Korean President Lee Myung-bak looks at his watch as he arrives at Seoul military airport in Seongnam, south of Seoul before flying off to Europe May 8, 2011. Credit: Reuters/Lee Jae-Won By Jack Kim SEOUL | Sun May 8, 2011 11:44pm EDT SEOUL (Reuters) - South Korea's ruling party will block further tax cuts for companies and individuals and instead boost financial support for the poor, a newly appointed party leader said Monday, as the crisis-hit government strives to boost its popularity. The conservative Grand National Party (GNP) has signaled a shift toward more populist policies ahead of parliamentary and presidential elections next year, amid sharp declines in support in opinion polls and humiliating by-election defeats last month. "We will be scrapping further tax cut policy, such as on corporate tax and income tax," Hwang Woo-yea, elected as the GNP's new floor leader last week, was quoted as saying by the mainstream Chosun Ilbo newspaper Monday. "We'll use about 10 trillion won ($9.2 billion) from the money saved from (scrapping) tax cuts and from last year's budget surplus for school tuition, child support and lower income housing," Hwang said. President Lee Myung-bak, a former construction company CEO who rose to power two years ago with promises of economic growth through pro-business policies, had vowed to gradually lower income taxes on companies and individuals. But the by-election defeat dealt a blow to Lee's pro-big business stance and threw its leadership in disarray amid worries that it could lose its solid majority in a parliamentary election next April. Sharp interest rate cuts, massive fiscal stimulus spending and an undervalued currency have enabled Asia's fourth-largest economy to pull out of the 2008 global financial crisis ahead of its rivals, but domestic demand remains in slump. IN-FIGHTING The infighting within the GNP has featured prominently in the media over the past week, and came to a head at the weekend when out an outgoing party chief candidly criticized Lee for failing to communicate with the people. The GNP, which holds 172 seats in the 299-seat parliament, has openly fractured into factions, with lawmakers arguing over how to rejuvenate the party. "If this power struggle continues in the party, and if we fail to unite, the situation will become really complex and the GNP will face a much deeper crisis," Chung Ui-hwa, who has been named head of an emergency council to deal with the crisis, was quoted as saying by the JoonAng Daily. Analysts say the crisis could spur former party chief and hot favorite to win next year's presidential race, Park Guen-hye, to break her silence on policy issues in a bid to reunite the party. Park, who left South Korea a day after the party's by-election defeats, has been criticized for failing to step up to help the party in its hour of need. Local media reported that Park, the daughter of the founder of modern-day South Korea, Park Chung-hee, said last week in Greece that she would become more vocal from now on. Lee reshuffled his cabinet Friday and replaced his long-serving finance minister with the current labor minister, who said he would try to make sure the benefits of economic growth are felt by the lower and middle income class. Lee's popularity has dropped from around 50 percent when he hosted the G20 summit of world leaders in November to about 30 percent, opinion polls show. The opposition Democratic Party has closed the gap on the GNP, and its leader and potential candidate for president has seen his support surge after winning a parliamentary seat in a traditional GNP stronghold in last month's by-elections. (Additional reporting by Jeremy Laurence; Editing by Yoo Choonsik and Alex Richardson) World South Korea Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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