UK Prime Minister Scraps Plans Massive Tax Cuts Geared Towards the Wealthy

UK Prime Minister Scraps , Plans Massive Tax Cuts , Geared Towards the Wealthy.

UK Prime Minister Scraps , Plans Massive Tax Cuts , Geared Towards the Wealthy.

UK Prime Minister Liz Truss announced the abrupt change in direction for Britain on Oct.

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The plan to slash taxes for high earners is widely regarded as setting off volatile economic conditions in the nation.

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We get it and we have listened, Liz Truss, UK Prime Minister, Twitter.

The abolition of the 45pc rate had become a distraction from our mission to get Britain moving, Liz Truss, UK Prime Minister, Twitter.

Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country, Liz Truss, UK Prime Minister, Twitter.

Following the announcement, the British pound bounced back from the historic low to which it had sunk in the final week of Sept.

It also comes mere hours after Truss defended the tax cut initiative.

Analsysts say it may be too late to counteract the optics damage caused by the tax-cut plan.

The damage has been done, Simon Usherwood, The Open University, via CBS News.

It has still created an image of a government that thought this was a good idea, Simon Usherwood, The Open University, via CBS News.

However, analysts point out that may be a silver lining to the announcement.

This just shows it's a government that can be swayed, Simon Usherwood, The Open University, via CBS News.

She was fully behind this plan in interviews on Sunday and is now going back on it.

, Simon Usherwood, The Open University, via CBS News.

The question is whether there is anything she can do to revitalize her project and her brand, Simon Usherwood, The Open University, via CBS News