London: The new Liz Truss-led UK government on Monday made its first major U-turn on its central plank of tax cuts by withdrawing a policy to abolish the top rate for the wealthiest, following market turmoil and to avert an expected rebellion within the governing Conservative Party.
...UK PM Liz Truss U-turns on tax cut for wealthiest to avert rebellion
The proposed abolition of the 45 pence tax rate which applied to the top tier of taxpayers had become a massive distraction to an otherwise sound growth plan for the economy