From: Counting the Cost

Can Truss’s tax cut U-turn restore financial stability in the UK?

Britain’s Prime Minister Liz Truss forced to scrap plans to remove the 45 percent top income tax rate on high earners.

Just a few days ago, Britain’s new prime minister was confident she would be able to kick-start economic growth by cutting taxes. Yet the country is still on course for a recession.

Faced with market turmoil and criticism from within her Conservative Party, Liz Truss was forced to scrap plans to remove the 45 percent top income tax rate on high earners.

The U-turn is being seen as a humiliating about-face that leaves Truss’s economic policy and premiership in crisis.

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