UK PM forced into U-turn on tax cuts for rich after mutiny in party

Govt’s Proposals Had Roiled Financial Markets, Sending Pound Into A Tailspin

London: Facing a mutiny of Conservative Party lawmakers, PM Liz Truss of Britain on Monday reversed plans to abolish the top income tax rate of 45% on high earners, a humiliating about-face that leaves her supply-side economic agenda in tatters and her grip on power uncertain. The sudden announcement, made as party members gathered for their annual conference in the city of Birmingham, deepened the disarray around a PM, in office barely a month, who had made cutting taxes the centerpiece of her successful campaign to replace Boris Johnson as the Conservatives’ leader.