The U.K. Government Reverses Plan To Cut Tax On High Earners

The United Kingdom’s plan to scrap the top rate of income tax has been reversed. The original announcement of the plan was viewed as politically toxic as citizens of the U.K. deal with a crisis surrounding the cost of living. Just after the announcement, the pound reached an all time low rate, deals were dropped, and the U.K. government bonds started to sell off at a historic rate which resulted in the Bank of England beginning a temporary purchase program to calm volatility. Concerns from citizens were heard and taken into consideration when the decision to reverse the plan was confirmed.