UK to reverse cut to higher rate income tax - BBC

FILE PHOTO: The City of London financial district can be seen as people walk along the south side of the River Thames, amid the coronavirus disease (COVID-19) outbreak in London, Britain, March 19, 2021. REUTERS/Henry Nicholls

The British government is expected to reverse the proposed scrapping of the highest rate of income tax that has sparked a backlash in the governing Conservative Party, the BBC reported on Monday.

Finance minister Kwasi Kwarteng sent shockwaves through financial markets when he published a mini-budget on Sept. 23, cutting taxes including the 45p highest rate of income tax, in a "growth plan" to be funded by vast government borrowing.