UK Government Scraps Plan to Cut Tax Rate for Highest Earners After Market Turmoil
The UK’s new prime minister Liz Truss on Monday made a dramatic u-turn on plans to cut taxes for the highest earners following backlash over the decision that prompted major market turmoil
Chancellor of the Exchequer Kwasi Kwarteng announced the scrapping of the plan on Twitter early Monday and said it was clear that reducing the 45 percent rate of income tax on high earners had become a “distraction.”
“We get it, and we have listened,” he said. “This will allow us to focus on delivering major parts of our growth package.”
Prime Minister Liz Truss shared Kwarteng’s post moments later, adding that the government is now focusing on “building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country.”…