Chancellor Kwasi Kwarteng is reversing the plan to scrap the 45p top rate of income tax that he had announced in the so-called mini-budget. Kwasi Kwarteng issued a statement on social media announcing the decision.
Mr Kwarteng said that the plan "had become a distraction from the overriding mission to tackle the challenges facing our country". He continued: "As a result, I'm announcing we are not proceeding with the abolition of the 45p tax rate. We get it and we have listened."
The U-turn comes 10 days after the original announcement and comes after several Tory MPs voiced their opposition to the plan. There had been anger that the Government was planning to borrow money to fund tax cuts for the richest, which senior Tories like Michael Gove had said was not Conservative and Grant Shapps had said would not get through Parliament.
