UK PM Liz Truss makes U-turn on tax after week of market turmoil

The U-turn comes after the govt's fiscal plans triggered a crisis of investor confidence, jolting markets to such an extent that the BoE had to intervene with a 65 billion pound bond-buying programme

British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn after less than a month in power, reversing a cut to the highest rate of income tax that helped spark turmoil in financial markets and a rebellion in her party.
 

Finance minister Kwasi Kwarteng said the decision to scrap the top rate tax cut had been taken with "some humility and contrition."
 

Truss and Kwarteng announced a new "growth plan" on Sept. 23 that would cut taxes and regulation, funded by vast government borrowing, to snap the economy out of years of stagnant growth.
 

But the plan