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Truss drops tax cut for highest UK earners to fend off revolt

Bloomberg
Bloomberg10/3/2022 02:46 PM GMT+08  • 4 min read
Truss drops tax cut for highest UK earners to fend off revolt
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Prime Minister Liz Truss dropped a plan to cut taxes for the UK’s highest earners just 10 days after announcing it, a humiliating reversal designed to fend off a mounting rebellion within her own Conservative Party.

Chancellor of the Exchequer Kwasi Kwarteng announced the decision in a tweet early Monday, saying “we get it, and we have listened.” He said the decision to scrap the 45% rate of income tax had become a “distraction.”

The pound jumped as much as 1% before giving up some of those gains, trading 0.5% higher against the dollar at 9:30 a.m. in London.

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