The decision had been taken with ‘humility and contrition’, after some lawmakers vehemently reacted to suggestions that public and welfare spending could be cut to fund tax cuts for the richest, Kwarteng was quoted as saying by media reports in the country.
The impact of the earlier decision to reduce the tax rate resulted in the pound hitting a record low against the dollar and the Bank of England intervening to prevent pension funds from collapsing.
While the removal of the top rate of tax only made up around 2 billion out of the 45 billion pounds of unfunded tax cuts, it was the most divisive element of a package that also stumped up tens of billions of pounds to subsidise energy costs.
ALCHEMPro News Desk (DS)
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