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UK scraps tax cut for wealthy that sparked market turmoil

British Chancellor of the Exchequer Kwasi Kwarteng waves prior to his speech at the Conservative Party annual conference at the International Convention Centre in Birmingham, Monday Oct. 3, 2022. (Stefan Rousseau/PA via AP)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks at the Conservative Party conference at the ICC in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (AP Photo/Rui Vieira)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks at the Conservative Party conference at the ICC in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (AP Photo/Rui Vieira)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks at the Conservative Party conference at the ICC in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (AP Photo/Rui Vieira)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks at the Conservative Party conference at the ICC in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (AP Photo/Rui Vieira)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks at the Conservative Party conference at the ICC in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (AP Photo/Rui Vieira)

Protesters demonstrate outside the ICC in Birmingham prior to the Conservative Party conference at the ICC, Birmingham, England, Saturday, Oct. 1, 2022. Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. (AP Photo/Rui Vieira)

Protesters burn symbolic energy bills outside the ICC in Birmingham prior to the Conservative Party conference at the ICC, Birmingham, England, Saturday, Oct. 1, 2022. Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. (AP Photo/Rui Vieira)

Empty platforms are seen at Paddington train station during a 24-hour strike by four transportation trade unions, in London, Saturday, Oct. 1, 2022. Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. (James Manning/PA via AP)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks to the media ahead of the Conservative Party annual conference at the International Convention Centre in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (Aaron Chown/PA via AP)

Britain's Chancellor of the Exchequer Kwasi Kwarteng speaks to the media ahead of the Conservative Party annual conference at the International Convention Centre in Birmingham, England, Monday, Oct. 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (Aaron Chown/PA via AP)

Chancellor of the Exchequer Kwasi Kwarteng speaking to the media ahead of the Conservative Party annual conference at the International Convention Centre in Birmingham. Picture date: Monday October 3, 2022. The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. (Aaron Chown/PA via AP)

British Chancellor of the Exchequer Kwasi Kwarteng, left, and British Prime Minister Liz Truss at the Conservative Party annual conference at the International Convention Centre in Birmingham, England, Sunday Oct. 2, 2022. (Stefan Rousseau/PA via AP)

British Prime Minister Liz Truss at the Conservative Party annual conference at the International Convention Centre in Birmingham, England, Sunday Oct. 2, 2022. (Stefan Rousseau/PA via AP)

UK scraps tax cut for wealthy that sparked market turmoil