In the UK, Finance Minister Kwasi Kwarteng stated that they would not move forward with removing the 45 percent income tax levied on those who earn more than £150,000 a year.

In the UK, Finance Minister Kwasi Kwarteng announced that they are giving up on removing the top tax bracket.

“We will not move forward with the removal of the 45 percent tax,” Kwarteng said on Twitter this morning.

The financial package announced by Kwarteng on September 23 caused turmoil in the markets. This fluctuation caused the government of Prime Minister Liz Truss to make a ‘U-turn’ in its decision. Truss announced yesterday that they are committed to the implementation of new packages.

The pound rose 0.8 percent against the dollar after the news.