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.
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 a year.
The U-turn came after a growing number of Conservative lawmakers, including former ministers with broad influence, turned on the government's tax plans. Truss defended the measures Sunday but said she could have "done a better job laying the ground" for the announcements. The package proved unpopular, even among Conservatives. 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.