U.K. scraps tax cut for the rich that sparked market chaos and political backlash

Posted on AllSides October 3rd, 2022
From The Left
Leon Neal / Getty Images

British Prime Minister Liz Truss on Monday ditched her signature plan to cut taxes for the country's top earners after it triggered market turmoil and a huge domestic outcry.

Truss, who is less than a month into the job, proposed removing the top tier of income tax — meaning a saving for people who earn more than 150,000 pounds ($168,000) a year — as part of a set of unfunded economic reforms that caused the pound to fall to historic lows and damaged Britain's economic standing globally.

The pound rose after the announcement to around...

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