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UK Government Forced To Ditch Tax Plan
UNITED KINGDOM – The British government has “hit the brakes” on a plan to cut the income tax rate for those in a higher income tax bracket.
NASSAU, BAHAMAS – The British government has “hit the brakes” on a plan to cut the income tax rate for those in a higher income tax bracket.
The move comes after a rebellion among British lawmakers, in the midst of financial and economic turmoil.
The UK’s finance minister said the tax cut for people earning above 150 thousand pounds had become a “distraction” from the government’s plans to tackle the energy crisis and reduce taxes.
The retreat came 24 hours after UK Prime Minister Liz Truss admitted mistakes.
The proposed cuts of 45 billion pounds would have been the biggest in 50 years and sold by the government as vital to shake the UK out of years of a sluggish economic performance.
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