Kwasi Kwarteng is set to U-turn over abolition of 45p income tax rate

Tax cut live: Latest updates as Chancellor Kwasi Kwarteng is set to U-turn over abolition of 45p income tax rate

Follow MailOnline’s liveblog for updates as Chancellor Kwasi Kwarteng is expected to make an abrupt U-turn over the abolition of the top rate of income tax:

Host commentator

Chancellor Kwasi Kwarteng announced the U-turn in a statement on Twitter.

He said the Government had ‘listened’ to the response and had decided to scrap the 45p tax cut as it had ‘become a distraction from our overriding mission to tackle the challenges facing our country’.

We get it, and we have listened. pic.twitter.com/lOfwHTUo76

Read more — Chancellor Kwasi Kwarteng will reverse 45p tax cut

Liz Truss and Kwasi Kwarteng today executed an extraordinary U-turn on plans to scrap the top rate of tax to head off a massive Tory revolt.

The PM and Chancellor will no longer axe the 45p rate for people earning more than £150,000 a year after it became clear dozens of MPs would refuse to back the move in the Commons.

Read the full story on MailOnline by clicking below:

Good morning and welcome to MailOnline’s liveblog, as Chancellor Kwasi Kwarteng is expected to make an abrupt U-turn over the abolition of the top rate of income tax for the highest earners.

Mr Kwarteng had been planning to insist at the Conservative conference in Birmingham that his party ‘stay the course’ and back his plan for tax cuts but a statement is now expected this morning ahead of his appearance on the broadcast round.

Source: Read Full Article