Get the biggest business stories emailed to you every weekday, or go to the News24 Business front page. UK Prime Minister Liz Truss has dropped a controversial plan to abolish the top rate of income tax after the proposal angered backbench MPs and sent the British pound to record lows. “We get it, and we have listened,” Truss said in a statement posted on Twitter on Monday. “The abolition of the 45pc rate had become a distraction from our mission to get Britain moving. The British pound immediately rose on the news, reaching $1.128, its highest level in 10 days.

Source: News 24 October 04, 2022 00:54 UTC