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UK authorities change their mind about abolishing the maximum income tax rate

The UK authorities have decided to abandon the abolition of the maximum income tax rate of 45% and applicable to annual income over $150,000 pounds, writes Dow Jones.

“The 45% tax decision was just a huge distraction from a very powerful package,” said Chancellor of the Exchequer Quasi Kwarteng.

The abolition of the maximum income tax rate was announced at the end of September as part of a massive tax cut program that drew criticism from experts due to a sharp increase in the state budget deficit and led to a rise in government bond yields.

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To mitigate the consequences, the Bank of England had to suspend the planned start of the sale of government bonds and instead start buying debt securities again.

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