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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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