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UK scraps tax cut for wealthy that sparked market turmoil

British Prime Minister Liz Truss on Thursday Sept. 29, 2022, defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets. [AP Photo]

The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.

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