UK scraps tax cut for wealthy that sparked market turmoil
Treasury chief Kwasi Kwarteng said on Monday that he will not scrap the top 45 per cent rate of income tax paid on earnings above 150,000 pounds ($167,000) a year. “We get it, and we have listened,” he said in a statement.
Kwasi Kwarteng, UK PM Liz Truss U-turn on Plans to Scrap 45% Tax Rate for Highest Earners
The UK chancellor to the exchequer Kwasi Kwarteng announced that the government will scrap the 45% income tax cut plan announced only 10 days earlier, news agencies reported
U.K. scraps tax cut for wealthy that sparked market turmoil
The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.