UK backs off on new tax
Note that after the announcement of the 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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