U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners

LONDON — Prime Minister of the United Kingdom on Exchequer Kwasi Kwarteng on Monday abandoned a plan to cut the top income tax rate by 45%, scrapping key economic policy following uncertainties in the country’s financial markets, intervention by the Bank of England and the threat threat of a large-scale rebellion by Conservative lawmakers.

Turning back is a big obstacle for the new Prime Minister Liz Truss, who based his nascent leadership on a sweeping reshuffle of the British economy. The government, who defended the measure announced late last month, as recently as Sunday, has finally come under pressure from international investors, who are balking at the scale of the tax cuts. unfinished and Conservative Party lawmakers shocked by polls showing they face near-total obliteration at the next general election.

https://www.wsj.com/articles/u-k-government-abandons-plan-to-cut-rate-of-income-tax-for-top-earners-11664779306 U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners

Edmund DeMarche

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