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UK’s Prime Minister Liz Truss has stepped back on Monday from her plan to scrap the highest rate of income tax, after a public backlash and major market turmoil.
Finance Minister Kwasi Kwarteng has confirmed that the government would be scrapping its plans to cut tax for the country’s highest earners.
Truss and Kwarteng had announced a new growth plan on September 23 that would cut taxes and amend related laws through massive government borrowing to pull the economy out of its years-long stumble.
Taking the highest rate of tax paid on income over £150,000 ($166,770) from 45 percent to 40 percent was seen as particularly politically damaging as Britons grapple with a cost-of-living crisis.
