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UK scraps tax cut for wealthy that sparked market turmoil

ABC News LogoABC News2 mo ago

UK scraps tax cut for wealthy that sparked market turmoil

Quick Summary

Reducing taxes for top earners and scrapping a cap on bankers’ bonuses while millions face a cost-of-living crisis driven by soaring energy bills was widely seen as politically toxic.

Prime Minister Liz Truss defended the measures on Sunday, but said she could have “done a better job laying the ground” for the announcements.

The U-turn came after a growing number of lawmakers from the governing Conservative Party turned on government tax plans announced 10 days ago.


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News Analysis

Category: Nation Politics

Topics: Business Government finance Liz Truss Government business and finance Government and politics General news Financial crisis Economy Government taxation and revenue National governments United Kingdom governmen Financial markets National taxes

Source Website Secure: Yes (HTTPS)

Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

News Source URL: abcnews.go.com

Readership Location: United States

Published Date: 2022-10-03, 03:43:42

News Timezone: GMT -5:00

Language: English

Original Article Length: 494 words

Reading Duration: 3 minutes read

Compatibility: Desktop Web, Mobile Web, iOS App, Android App

News ID: 2788209

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About Publisher

Name: ABC News

Main Topics: NationPolitics

Official Website: abcnews.com

Update Frequency: 24 posts per day

Last Update: 1w ago

Headquarters: United States

Coverage Areas: United States

Publication Owner: Independent Company

Publication Timezone: GMT -5:00

Languages Covered: English

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Website Security: Secure (HTTPS)

Publisher ID: #86

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