Kwasi Kwarteng has confirmed that the government will NOT scrap the top rate of income tax in a major U-turn for the new Chancellor.
Mr Kwarteng has come under fire for this decision to abolish the 45p rate of tax for people who earn more than £150,000 per year. His decision was part of a raft of measures to boost ‘growth’, he said, and were announced in the mini-budget on September 23 .
However, that budget has led to economic turmoil for the country in the days since. There has been a run on the pound, and reports suggest that more than four in ten mortgage rates have been suspended by lenders , after a rise in interest rates.
