Truss had defended the policy on Sunday Kwarteng now says it was a distraction U-turn made with ‘humility and contrition’ – Kwarteng Cut in highest tax rate was small part of overall plan Markets concerned about how plan was to be financed BIRMINGHAM, England, Oct 3 (Reuters) – 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 triggered […]