The new Liz Truss-led UK government Monday embarrassing on made an U-turn on its central plank of tax cuts by withdrawing a controversial policy to abolish the topmost income tax slab for the wealthiest, following market turmoil and to avert a feared rebellion within the governing Conservative Party.
The decision, which marks a humiliating climbdown for Prime Minister Truss, comes after several Conservative MPs criticised the plan announced just 10 days ago.
Chancellor Kwasi Kwarteng declared that the announcement in his mini-budget of a proposed abolition of the 45 pence tax rate, which applied to the top tier of income taxpayers from next April, had become a "massive distraction" to an otherwise sound growth plan for the economy.
This story is from the October 04, 2022 edition of Business Standard.
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This story is from the October 04, 2022 edition of Business Standard.
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