Prime Minister Liz Truss scrapped the plan after severe blowback.

Recently, United Kingdom Prime Minister Liz Truss, who was only just recently appointed to her position, proposed an extremely controversial tax cut for her country. Truss proposed removing the top income tax bracket of the UK entirely, which would bring major tax breaks to those who earn more than 150,000 pounds annually. This proposal was so unpopular, that it sent the value of the British pound spiraling and endangered the country’s economic standing.

After a week on the defensive, Truss and her ministers have decided to walk back the proposal. During a conference, finance minister Kwasi Kwarteng, who was supposed to tout the plan’s viability and reaffirm the government’s intent to stick with it, instead announced the complete scrapping of the proposal.

Following Kwarteng’s announcement, Truss chimed in on Twitter with an agreement. “We get it and we have listened,” she wrote. “The abolition of the 45pc rate had become a distraction from our mission to get Britain moving. Our focus now is on building a high growth economy that funds world-class public services, boosts wages, and creates opportunities across the country.”

According to political analysts, both the proposal itself and the subsequent walkback have done serious damage to the ruling conservative party’s reputation in the country.

“The Tories have destroyed their economic credibility and damaged trust in the British economy,” said the Labour Party’s finance spokesperson Rachel Reeves.

“The damage has been done,” said Simon Usherwood, a politics professor at the Open University. “It has still created an image of a government that thought this was a good idea.”