Kwarteng abandons 45p tax rate cut after Tory revolt and markets turmoil

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View online October 03, 2022 Kwarteng abandons 45p tax rate cut after Tory revolt and markets turmoil 'We get it and we have listened,' chancellor says, in humiliating U-turn that has derailed the Tory conference By Rob Merrick Kwasi Kwarteng has abandoned his plan to axe the 45p tax rate for top-earners after a Tory revolt, in a humiliating U-turn at the Conservative conference.   Just 24 hours after Liz Truss insisted the cut – for Britain's richest people, earning more than £150,000 – would go ahead, the chancellor has backtracked under fierce pressure.   "We get it and we have listened," Mr Kwarteng said, calling the 45p rate cut "a distraction from our overriding mission to tackle the challenges facing the country".   You can read the full story here Other stories you might like Follow our live blog for more Full story: 'We get it and we have listened,' Kwarteng says of humiliating backflip Gove joins assault on Liz Truss package of tax cuts for the rich If you can spare a minute we'd love your feedback on our newsletters. Join the conversation or follow us Please do not reply directly to this email You are currently registered to receive The Independent's Breaking News newsletter. Add us to your safe list of senders.   If you do not want to receive The Independent's Breaking News newsletter, please unsubscribe.   If you no longer wish to receive any newsletters or promotional emails from The Independent, you can unsubscribe here.   This e-mail was sent by Independent Digital News and Media Ltd, 2 Derry Street, London W8 5HF. Registered in England and Wales with company number 07320345. Read our privacy notice and cookie policy.