Truss forced to back down, no tax cuts for the rich

BIRMINGHAM – Liz Truss gives up on cutting taxes on the rich. It is a humiliating turnaround that of the British Prime Ministerwhich only yesterday morning at Bbc had reiterated his stubborn intention not to change one iota of his radical program, which provided for the removal of the highest tax rate (45% over 150,000 pounds of current income) and which had triggered the reaction of the markets last week unnerved by the lack of real financial hedges, forcing the Bank of England to intervene by buying 65 billion of bonds.