Chancellor does U-turn on top rate tax cut

Chancellor Kwasi Kwarteng has confirmed he will not be cutting the 45p rate of income tax on people earning more than £150,000 a year.
Kwarteng said the planned top rate tax cut had become a “distraction” from the Government’s growth package unveiled ten days ago.
Since then the markets have been in meltdown and opposition to tax cuts for highers earners has grown.Kwarteng said: “From supporting British business to lowering the tax burden for the lowest paid, our Gr