‘We have listened’: UK drops income tax cut for highest earners2 min read 03 Oct 2022, 12:28 PM IST
The pound erased losses to trade 0.8% higher against the dollar.
UK Prime Minister Liz Truss dropped a plan to cut taxes for the highest earners just 10 days after announcing it, in a bid to fend off a mounting rebellion from Members of Parliament in her own Conservative Party. Chancellor of the Exchequer Kwasi Kwarteng announced the decision in a tweet early Monday, saying “we get it, and we have listened." In a statement posted with his tweet, he said the decision to scrap the 45% rate of income tax had become a “distraction."