UK backs off on new tax
Note that after the announcement of this move, the pound fell to an all-time low and British government bonds began to sell off at historic rates.
The British government backed away from creating a new 45% income tax rate for people earning £150,000 (about €171,000) a year.
“It is clear that the 45% rate has become a distraction from our primary mission to address the challenges facing our economy,” UK Finance Minister Kwasi Kwarteng said.
After the announcement of the move, the pound fell to an all-time low and British government bonds began selling at historic rates, prompting the Bank of England to begin a temporary borrowing program.
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Jane Austen is a writer and contributor covering culture, literature, lifestyle, and society. Her work focuses on thoughtful storytelling, social trends, and the issues shaping everyday life, delivering engaging and accessible content for readers across the United Kingdom.
