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UK Backs Out Of Tax Cut

The U.K. government announced on Monday that it was reversing its plan to cut the top income tax rate after the plan disrupted financial markets. In the days following their announcement, the pound dropped to an all-time low, mortgage deals were pulled from the market, and U.K. government bonds began to sell off at a historic rate, causing the Bank of England to begin a temporary purchase program to calm volatility.

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