UK government abolishes plan to cut tax on high earners in major U-turn

UK government abolishes plan to cut tax on high earners in major U-turn

From cnbc.com

The U.K. government on Monday reversed a plan to scrap the top rate of income tax, after a public backlash and major market turbulence. The new government had announced a swathe of tax cuts just weeks into its tenure, but they were poorly received by financial markets. Taking the top rate of tax paid on incomes over £150,000 ($166,770) from 45% to 40% was seen as particularly politically toxic as Brits deal with a cost-of-living crisis. In the days following their announcement, the pound dropped to an all-time low, mortgage deals were pulled from the market and U.K. government bonds began to sell-off at a historic ... (full story)

[email protected] the UK economy and wrecked the Tory party reputation for fiscal propriety - and all within her first week :-)

every Saint has a past. Every Sinner has a Future

rishi sunak was right !

Mostly Scalps and rarely few swings

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