Just a few days ago, Britain’s new prime minister was confident she would be able to kick-start economic growth by cutting taxes. Yet the country is still on course for a recession.Faced with market turmoil and criticism from within her Conservative Party, Liz Truss was forced to scrap plans to remove the 45 percent top income tax rate on high earners.The U-turn is being seen as a humiliating about-face that leaves Truss’s economic policy and premiership in crisis.
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