Truss, in Reversal, Drops Plan to Cut U.K. Tax Rate on High Earners
Bowing to intense opposition from Conservative lawmakers after a market backlash, Prime Minister Liz Truss of Britain on Monday reversed plans to abolish the top income tax rate of 45 percent on high earners, a key element of her government’s tax-cutting economic agenda.The announcement was a major capitulation by the government after tax cuts it announced roiled financial markets and drew widespread criticism.
