The British government has reversed controversial plans to scrap the top income tax rate of 45% on earnings over 150,000 pounds a year.

The proposed tax cut was unfunded - meaning the government would need to take on new debt to finance it. That sparked market turmoil, and huge criticism at home and abroad - including from the International Monetary Fund. After spending ten days defending the cuts, Prime Minister Liz Truss has now given in to the pressure.

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