Published 10/03/2022 6:25:00 a.m.

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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Times of India

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.

10/03/2022 6:54:06 a.m.·India

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BBC News

Kwasi Kwarteng U-turns on plans to scrap 45p tax rate

Kwasi Kwarteng says the proposal was "drowning out a strong package" to boost economic growth.

10/03/2022 5:58:58 a.m.·United Kingdom

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News18 India

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

10/03/2022 8:45:26 a.m.·India

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The Hindu

U.K. scraps tax cut for wealthy that sparked market turmoil

The decision to reverse course is likely to put U.K. PM Liz Truss and Finance Minister Kwasi Kwarteng under huge pressure, less than four weeks after they came to power

10/03/2022 7:24:53 a.m.·India

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CTV News

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.

10/03/2022 10:28:00 a.m.·Canada

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