Prasannkumar 
Truss in the UK plans to slash top earners' tax rates
Truss in the UK plans to slash top earners’ tax rates
Prime Minister says U-turn was caused by the tax overhaul becoming a distraction from our mission to move Britain.
After backbench MPs protested the proposal, Liz Truss, the UK Prime Minister, dropped her controversial plan to eliminate the top income tax rate. This caused the British pound to record lows.
The removal of the 45pc tax was a distraction from our mission of moving Britain forward. We now want to build a high-growth economy that finances world-class public services and boosts wages while creating opportunities throughout the country.
Truss made the statement shortly after Kwasi Kwarteng, Chancellor of Exchequer said that the plan to eliminate the 45 percent tax rate on earnings above 150,000 pounds ($168,000) would not be pursued because it was distracting from the government’s “overriding goal to address the challenges facing our nation”.
On the news, the British pound rose immediately, reaching $1.128. This is its highest level in 10 consecutive days.
Truss has had less than one month in her top job and on Sunday she insisted that her government’s controversial economic plan would be carried out as planned. Truss was humbled by the decision.
Kwarteng’s “minibudget” caused investors to rush to sell the pound last Wednesday in a huge vote of no confidence in London’s ability to manage its debts amid rising interest rates.
The plan included the largest tax cuts in 50 years and a package subsidy to help households deal with rising energy costs. It required the government to borrow 72 billion pounds ($77.7bn), over the next six months.
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