Liz Truss and Kwasi Kwarteng have abandoned a plan to abolish the 45p rate of income tax for top earners in a policy u-turn.
The Chancellor has climbed down over the plan to axe the 45% rate for earnings over £150,000 and pay for it by borrowing.
In a statement posted on his Twitter account, he said: “From supporting British business to lowering the tax burden for the lowest paid, our Growth Plan sets out a new approach to build a more prosperous economy.
