UK government U-turns on proposed tax cut for high earners

The UK government has U-turned on its plan to scrap the highest rate of income tax. It was forced to backtrack amid a rebellion within the party and turmoil in financial markets. Prime Minister Liz Truss’ new cabinet announced a slew of tax cut plans just weeks after taking power, but the plan triggered a crisis of confidence in the government and a rout in the global markets. It dragged the pound to lows not seen since the 1980s, forcing the Bank of England to start a temporary purchase programme to calm markets.

Subscribe to our channel here:

Subscribe to our news service on Telegram:

Follow us:
CNA Lifestyle:

You May Also Like