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Truss Backs Kwarteng Even After Humiliating U-Turn on UK Tax Cut

  • Chancellor Kwarteng says proposal had become a ‘distraction’
  • Decision to scrap 45% tax rate had contributed to market rout
Bloomberg business news
Truss, Kwarteng Do a U-Turn on Top Rate Tax Cut PlanSource: Bloomberg
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Liz Truss is standing by her Chancellor of the Exchequer Kwasi Kwarteng after the threat of a rebellion in the ruling party forced them into a humiliating reversal on a plan to cut taxes for the top earners in the UK.