U-turn on UK tax cut for high earners hailed as positive for Irish businesses

The change brought some stability back to the markets

UK Chancellor of the Exchequer Kwasi Kwarteng. Picture: Getty

The UK reversal to cut its top rate of tax has been identified as a positive for Irish companies.

Kwasi Kwarteng, the Chancellor of the Exchequer, yesterday rowed back on plans to reduce the top 45 per cent rate of income tax paid on annual earnings above £150,000 to 40 per cent.

The move was seen as politically toxic during a cost of living crisis and sent markets into turmoil, leading to a sharp drop ...