UK economic crisis: PM Liz Truss takes U-turn, scraps tax cut for rich to avert rebellion within party

The new Liz Truss-led UK government on Monday made an embarrassing U-turn on its central plank of tax cuts by withdrawing a controversial policy to abolish the topmost income tax slab for the wealthiest, following market turmoil and to avert a feared rebellion within the governing Conservative Party. The decision, which marks a humiliating climbdown for Prime Minister Truss, comes after several Conservative MPs criticised the government's plan announced just 10 days ago.