Government makes U-turn over proposal to abolish top-rate tax cut after growing backlash over mini-budget
Liz Truss’s government has abandoned its plan to abolish the 45% top rate of income tax, following a turbulent reaction from international markets, and a mounting Conservative revolt over the policy.
The decision came on the second day of the Tory conference in Birmingham, which had been dominated by dissent from Conservative MPs about both a tax cut for the wealthiest, and the wider idea of increased borrowing to finance tax reductions.
