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Oct 3, 2022

A U.K. U-turn on plans to cut 45% tax rate

From the BBC World Service: The British finance minister Kwasi Kwarteng has now abandoned one of his flagship economic policies after it roiled markets. Plus, why shares of banking giant Credit Suisse plunged nearly 10% in early trading. And, people in Tunisia have taken to the streets to protest the high cost of living and food shortages.

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The proposal to scrap the rate paid by the highest earners in the UK had been criticised as unfair at a time of rising living costs.
The proposal to scrap the rate paid by the highest earners in the UK had been criticised as unfair at a time of rising living costs.
OLI SCARFF/AFP

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The Team

A U.K. U-turn on plans to cut 45% tax rate