The top rate of income tax will not be abolished as Truss and Kwarteng make embarrassing U-turn
The embattled prime minister met with Chancellor Kwasi Kwarteng to begin crisis talks as they plotted to U-turn on the highly-criticised tax cut for people on £150,000 or more.
"However, it is clear that the abolition of the 45 tax rate has become a distraction from our overriding mission to tackle the challenges facing our country."We get it, and we have listened. This will allow us to focus on delivering major parts of our growth package. Mr Gove said over the weekend that Ms Truss's policies needed to be "in tune" with the 2019 manifesto, which he said looked after society's most vulnerable.
Liz Truss admitted she should have prepared the country for her financial policies better before the mini-budget, which was followed by a tumbling pound and an extraordinary intervention from the Bank of England, which stumped up £65bn to buy Government bonds after fears some pension funds risked collapse.
Ex-Chancellor George Osborne said he believed it is "touch and go" whether Mr Kwarteng can survive the backlash over the mini-budget, having been in the job for a matter of weeks.'We must stay the course': Kwarteng stands firm on tax cuts despite threat of Tory rebellion
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