UK drops plans for controversial top rate tax cut | DW News

DW News – Oct 3, 2022

The British government has reversed controversial plans to scrap the top income tax rate of 45% on earnings over 150,000 pounds a year. The proposed tax cut was unfunded – meaning the government would need to take on new debt to finance it. That sparked market turmoil, and huge criticism at home and abroad – including from the International Monetary Fund. After spending ten days defending the cuts, Prime Minister Liz Truss has now given in to the pressure.

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