David Bond: Chancellor Kwasi Kwarteng in bombshell 45p tax cut U-turn

Kwasi Kwarteng was forced into a screeching U-turn on Monday on his plan to ditch the 45p top rate of income tax.With the ink hardly dry on his mini-budget 10 days ago, the Chancellor bowed to a revolt of Tory MPs opposed to him abolishing the tax rate for people earning more than £150,000 in the middle of a cost-of-living crisis. He announced the climbdown shortly before 7.30am and just hours before his keynote speech to the Tory rally in Birmingham.