UK steps back on tax plan

In the UK, Finance Minister Kwasi Kwarteng has stated that they will not move forward with the removal of the 45% income tax levied on those earning over £150,000 a year. The pound gained value against the dollar after the announcement. In the UK, Finance Minister Kwasi Kwarteng announced that they have given up on removing the top tax bracket. Kwarteng said on Twitter this morning, "We will not move forward with the removal of the 45% tax." The financial package announced by Kwarteng on September 23 caused turmoil in the markets. This turmoil caused the Prime Minister Liz Truss government to make a 'U-turn' in its decision. Truss had stated in her statement yesterday that they were committed to the implementation of the new packages. Following the news, the pound rose 0.8% against the dollar.