The British government drops plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows.
abc.net.au/news/uk-scraps-tax-cut/101497700The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows.Chancellor Kwasi Kwarteng says he will not now scrap the top 45 per cent rate of income tax paid on earnings above 150,000 pounds a year
Prime Minister Liz Truss has said she could have "done a better job laying the ground" for the September 23 announcements The backflip came after a growing number of politicians from the governing Conservative Party turned on government tax plans announced 10 days ago. Ms Truss took office less than a month ago, promising to radically reshape Britain's economy to end years of sluggish growth.