Britain reverses its stance on the tax cut for the wealthy following harsh criticism and the decline of the pound.

Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate.

Finance Minister Kwasi Kwarteng tweeted on the second day of the annual conference of the ruling Conservative Party that he was "not advancing" with the elimination of the highest 45 percent income tax rate because it had turned into ....