UK government drops plans for tax cut on wealthy that prompted turmoil on financial markets

Posted on AllSides October 3rd, 2022
From The Right
Aaron Chown/PA Images via Getty Images / Getty Images

The British government has scrapped plans of cutting taxes on the wealthy, a move that prompted turmoil in financial markets and led to record lows for the pound.

Treasury chief Kwasi Kwarteng said Monday he would no longer pursue plans to eliminate the top 45% rate of income tax paid on earnings above 150,000 pounds, or $167,000 a year.

"We get it, and we have listened," he said in a statement, adding that "it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission...

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