The UK scraps a proposed tax cut for wealthy that sparked market turmoil

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British Prime Minister Liz Truss at the Conservative Party annual conference in Birmingham, England on Sunday. Truss and her Treasury chief have spent the last 10 days defending the cut in the face of market mayhem.

The tax cut was part of a package of unfunded cuts unveiled only days ago that sent the pound to record lows and was widely seen as politically toxic.

(Image credit: Stefan Rousseau/AP)

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