Some good news to start the work week
The new government had announced a swathe of tax cuts just weeks into its tenure, but they were poorly received by financial markets. Taking the top rate of tax paid on incomes over £150,000 ($166,770) from 45% to 40% was seen as particularly politically toxic as Brits deal with a cost-of-living crisis.
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.
