UK's opposition Labour: government has destroyed its economic credibility

Britain's opposition Labour Party said on Monday the government had destroyed its economic credibility and damaged trust in the British economy, after a U-turn on plans to abolish the highest rate of income tax.

"This is not over - it's not just some distraction," Labour's finance spokesperson Rachel Reeves said in a statement. "They need to reverse their whole economic, discredited trickle down strategy."

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