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Axios
Axios
Business

U.K. government reverses tax cut plans for highest earners after outcry

Kwasi Kwarteng Liz Truss

The British government has abandoned plans to cut taxes for the highest earners 10 days after Prime Minister Liz Truss announced the move, Chancellor Kwasi Kwarteng confirmed Monday.

Why it matters: The plans designed to stimulate growth sparked a growing rebellion among Members of Parliament in Truss' ruling Conservative Party, and global financial markets responded by treating the U.K. as if it were an emerging market.

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