The U-turn came, and it felt all but inevitable. This morning, Chancellor Kwasi Kwarteng announced that the proposed 45p tax cut — one of the centrepieces of his mini-Budget — was to be reversed.
A tax cut for the highest paid for by borrowed money, with public spending cuts and potential benefit freezes on the way, was dominating headlines and threatened to spark a Tory rebellion. The question is, what comes next?
