Kwarteng U-turn on 45P tax cut for highest earners “We get it, We have listened”

Chancellor Kwasi Kwarteng says the proposals announced just ten days ago in the mini-budget, had become a distraction and the government is abandoning its plan to abolish the top rate of income tax for the highest earners.  In a statement, he said: “It is clear that the abolition of the 45 p tax become a distraction, we get it, and we have listened”. The U-turn comes after several Tory MPs voiced their opposition to the plan and on Sunday Prime Minister Liz Truss even insisted she would not abandon the policy saying “ We can now move forward with making the push for the growth plan”. The proposal to scrap the rate paid by people earning over £150, 000 a year had been criticised as unfair at the time of rising living costs.