BREAKING NEWS: Chancellor announces U-turn on 45p tax

Announcing the change this morning Monday, October 3, Chancellor Kwasi Kwarteng said the plan to cut the top rate of income tax had ben withdrawn,

Mr Kwarteng said in a statement: “From supporting British business to lowering the tax burden for the lowest paid, our Growth Plan sets out a new approach to build a more prosperous economy.

“However, it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.

“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate. 

“We get it, and we have listened. This will allow us to focus on delivering the major parts of our growth package.”

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