UK government forced to ditch plan to slash top rate of tax.
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The British government is reversing plans to scrap the highest rate of income tax, announcing the embarrassing retreat after a rebellion among its own lawmakers and a week of financial and economic turmoil.
In a statement on Monday, finance minister Kwasi Kwarteng said the tax cut for people earning more than £150,000 ($170,000) “had become a distraction” from the government’s wider package of measures to tackle the energy crisis and to reduce taxes more broadly, in its efforts to end years of economic torpor.
In a statement on Monday, finance minister Kwasi Kwarteng said the tax cut for people earning more than £150,000 ($170,000) “had become a distraction” from the government’s wider package of measures to tackle the energy crisis and to reduce taxes more broadly, in its efforts to end years of economic torpor.
