‘We get it... we’ve listened’ - Chancellor Kwasi Kwarteng U-turns on scrapping 45p tax rate

Liz Truss and Kwasi Kwarteng have abandoned plans to scrap the top rate of income tax for the highest earners in a major U-turn. The Chancellor acknowledged that their desire to axe the 45% rate on earnings over £150,000 - which would be paid for by borrowing - had become a “distraction” amid widespread criticism.