U.K. scraps tax cut for rich that sparked market chaos

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NEW: British PM Truss ditches her plan to cut taxes for the country's top earners after it triggered market turmoil and huge outcry.

into the job, proposed removing the top tier of income tax — meaning a saving for people who earn more than 150,000 pounds a year — as part of a set of unfunded economic reforms that caused the pound to fall to historic lows and damaged Britain's economic standing globally.

The pound rose after the announcement to around $1.12 — about the value it held before the Sept. 23 budget announcements. Even as Truss defended the policy over the weekend, a growing number of senior lawmakers in her party signaled they would vote against it in the House of Commons. The plan to borrow more to fund unpopular tax cuts was roundly rejected as unsound by economists, with the value of the pound plummeting and the cost for the U.K. to borrow on international markets soaring.

 

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what a bunch of greedy wankers

Conservative’s gonna conservative.

The fact that she thought this was a good idea is scary enough.

Off to a great start 🤪

Out the box she is a bad PM

You gotta cut taxes on the wealthy, how else will they afford to buy your government

Clean up on Aisle Truss. Truss did what she promised: transfer wealth from poor to their rich supporters. Change in tax levy would've cost 2B£ to be paid by ⬇️ services to old and poor. Stopping freefall of govt bonds is 65B£ so far. Who will pay? Not her rich supporters.

The No Confidence Vote is going to end her short term job as Prime Minister.

you can delete it but we saw it

A populace that understands that taxing the wealthy is not a sin? I guess they recognize voodoo economics unlike the USA, right?

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