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UK scraps tax cut for wealthy that sparked market turmoil

Summary by Ground News

The 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.U-turn comes as more lawmakers from the governing Conservative Party turn on government tax plans.

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WPMT FOX43

Center

UK scraps tax cut for wealthy that sparked market turmoil

Conservative party leaders have been defending the plan for nearly two weeks amidst economic mayhem and unease from other party members.

3 years ago

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Portland Press Herald

Center

UK scraps tax cut for wealthy that sparked market turmoil

Reducing taxes for top earners and scrapping a cap on bankers’ bonuses while millions face a cost-of-living crisis driven by soaring energy bills was widely seen as politically toxic.

3 years ago·Portland, United States

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The Mercury news

Lean Left

UK scraps tax cut for the elites that roiled markets

The backlash has cast a shadow over the Conservative conference in the central England city of Birmingham, where many delegates express fears that the party, in power since 2010, is headed for defe…

3 years ago·San Jose, United States

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WTOL 11

Center

UK scraps tax cut for wealthy that sparked market turmoil

Conservative party leaders have been defending the plan for nearly two weeks amidst economic mayhem and unease from other party members.

3 years ago

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Taipei Times

Lean Left

UK scraps tax cut for wealthy

Bringing Taiwan to the World and the World to Taiwan

3 years ago·Taipei, Taiwan

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NowThis

Left

UK Scraps Tax Cut for Wealthy That Sparked Market Turmoil

In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year, a policy that had drawn near-universal opposition.

3 years ago

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