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Liz Truss abandons plan to scrap 45p top rate of income tax amid Tory revolt

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(The Guardian) Liz Truss’s government has abandoned its plan to abolish the 45% top rate of income tax in a humiliating U-turn, after a growing Conservative revolt over the policy and a turbulent reaction from markets.

Announcing the decision in an early morning tweet on Monday, Kwasi Kwarteng said: “We get it, and we have listened.”

The chancellor said the decision to cut tax for people on incomes of £150,000 or more “has become a distraction from our 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.”

But in a round of broadcast interviews hours before he was due to address the Conservative conference in Birmingham, Kwarteng denied his mini-budget 10 days ago had been a mistake, despite its impact on the pound and on the cost of government debt, which in turn has made mortgages more expensive.

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