UK Prime Minister Scraps , Plans Massive Tax Cuts , Geared Towards the Wealthy.<br />UK Prime Minister Scraps , Plans Massive Tax Cuts , Geared Towards the Wealthy.<br />UK Prime Minister Liz Truss announced the abrupt change in direction for Britain on Oct. 3.<br />The plan to slash taxes for high earners <br />is widely regarded as setting off <br />volatile economic conditions in the nation. .<br />We get it and we have listened, Liz Truss, UK Prime Minister, Twitter.<br />The abolition of the <br />45pc rate had become a distraction from our mission <br />to get Britain moving, Liz Truss, UK Prime Minister, Twitter.<br />Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country, Liz Truss, UK Prime Minister, Twitter.<br />Following the announcement, the British pound bounced back from the historic low to which it had sunk in the final week of Sept.<br />It also comes mere hours after <br />Truss defended the tax cut initiative.<br />Analsysts say it may be too late to counteract the optics damage caused by the tax-cut plan.<br />The damage has been done, Simon Usherwood, The Open University, <br />via CBS News.<br />It has still created an image of a government that thought this was a good idea, Simon Usherwood, The Open University, <br />via CBS News.<br />However, analysts point out that may be a silver lining to the announcement.<br />This just shows it's a government that can be swayed, Simon Usherwood, The Open University, <br />via CBS News.<br />She was fully behind this plan in interviews on Sunday and is now going back on it. , Simon Usherwood, The Open University, <br />via CBS News.<br />The question is whether there is anything she can do to revitalize her project and her brand, Simon Usherwood, The Open University, <br />via CBS News
