Liz Truss and Kwasi Kwarteng U-turn on scrapping 45% tax rate

Mr Kwarteng says he has not considered resigning in the wake of markets and the British public reacting to the mini-budget

British chancellor of the exchequer Kwasi Kwarteng and prime minister Liz Truss (Stefan Rousseau/PA)

Liz Truss and Kwasi Kwarteng have abandoned a plan to abolish the top rate of income tax for the highest earners in an astonishing U-turn.

The Chancellor acknowledged that their desire to axe the 45% rate on earnings over £150,000 in a move to be paid for by borrowing had become a “distraction” amid widespread criticism.