NEW: British PM Truss ditches her plan to cut taxes for the country's top earners after it triggered market turmoil and huge outcry.
into the job, proposed removing the top tier of income tax — meaning a saving for people who earn more than 150,000 pounds a year — as part of a set of unfunded economic reforms that caused the pound to fall to historic lows and damaged Britain's economic standing globally.
The pound rose after the announcement to around $1.12 — about the value it held before the Sept. 23 budget announcements. Even as Truss defended the policy over the weekend, a growing number of senior lawmakers in her party signaled they would vote against it in the House of Commons. The plan to borrow more to fund unpopular tax cuts was roundly rejected as unsound by economists, with the value of the pound plummeting and the cost for the U.K. to borrow on international markets soaring.
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