UK government makes U-turn on tax cut for top earners | News | DW

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.

Prime Minister Liz Truss came into power less than one month ago, but her government has come under heavy fire for a plan to reduce taxes for the most wealthy in the midst of a cost-of-living crisis.

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.

“We get it, and we have listened,” Kwarteng said on the second day of the annual Conservative conference.

In light of the government U-turn, the pound returned to its pre-announcement value of around $1.12.

Dashed hopes for…

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