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

Oct. 3, 2022, 11:17 AM

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.

Kwarteng announced the decision in a tweet early Monday, saying “we get it, and we have listened.” He said the plan announced just 10 days ago to scrap the 45% rate of income tax had become a “distraction.”

Read more: Can’t Go Forward, Won’t Go Back: Truss’s Government Hits Buffers

The pound jumped as much as 1% before giving ...