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British Prime Minister Liz Truss was forced to cancel a plan to eliminate the highest income tax rate of 45% for high earners.
Just a few days ago, Britain’s new prime minister was confident she would be able to kickstart economic growth with tax cuts. However, the country is still on the verge of recession.
Facing market turmoil and criticism from within her Conservative Party, Liz Truss was forced to scrap her plan to eliminate the top 45% income tax rate on high earners. .
The rollback is being viewed as an affront that has thrown economic policy and Truss’ top position into crisis.
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