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UK scraps tax cut for wealthy that sparked market turmoil
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British Prime Minister Liz Truss at the Conservative Party annual conference at the International Convention Centre in Birmingham, England, Sunday Oct. 2, 2022. - photo by Stefan Rousseau/PA via AP
LONDON (AP) — The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. Treasury chief Kwasi Kwarteng said Monday that he will not scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year. “We get it, and we have listened,” he said in a statement.