- A government plan to cut a tax for top earners which sent markets into turmoil and risked a rebellion in Parliament has been axed, UK Finance Minister Kwasi Kwarteng said on Monday.
- Following warnings from top lawmakers in her Conservative Party that the proposed “mini-budget” would not make it through Parliament, Truss and her finance minister backed down.
- The announced budget had sparked widespread anger, including from Conservative lawmakers who feared the unpopular tax cut could see them lose their seats in Parliament.
UK government makes U-turn on tax cut for top earners 03.10.2022
