27-April-2024
Economy News
 
UK government abolishes plan to cut tax on high earners in major U-turn
03-Oct-2022

The U.K. government on Monday reversed a plan to scrap the top rate of income tax, after a public backlash and major market turbulence. The new government had announced a swathe of tax cuts just weeks into its tenure, but they were poorly received by financial markets. Taking the top rate of tax paid on incomes over £150,000 ($166,770) from 45% to 40% was seen as particularly politically toxic as Brits deal with a cost-of-living crisis.

News Source:- https://www.cnbc.com/2022/10/03/british-pound-jumps-on-reports-uk-government-will-u-turn-on-cut-to-top-tax-rate.html
 
 
 

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