Chancellor Kwasi Kwarteng announced to the House of Commons today that the government will abolish the top rate of income tax.
Speaking to MPs on Friday morinng, Mr Kwarteng announced plans to 'abolish' the 45 per cent top rate and replace it with a single top rate of 40 per cent.
Read more: LIVE Kwasi Kwarteng unveils major tax cuts and stamp duty hikes in mini budget - updates