The government of British Prime Minister Liz Truss was forced into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets
The government of British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.
“It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country,” Kwarteng said in a statement. The decision to reverse course is likely to put Truss and Kwarteng under huge pressure less than four weeks after they came to power. Britain has had four prime ministers in the past six politically turbulent years.
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