UK scraps tax cut for wealthy that sparked market turmoil

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.

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.

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…

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.

UK scraps tax cut for wealthy

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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.