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UK finance minister pledges no more distractions after ‘tough day’ sees U-turn on top tax rate

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U.K. Finance Minister Kwasi Kwarteng on Monday said the government would not be distracted from delivering on its growth plan.

Earlier in the day, the U.K. government reversed a plan to scrap the top 45% rate of income tax paid on earnings above £150,000 a year following a growing public backlash and major market turbulence.

Economists and analysts were skeptical that the U.K. government's U-turn on tax cuts for the wealthy would alleviate market skittishness, however.

 

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Britain's Tax Cut Pivot Might Not Be Enough to Quell Market MayhemThe U.K. government’s reversal on scrapping the top rate of income tax is down to political optics and will not reassure market skittishness, analysts told CNBC Monday.
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