The government has U-turned on its plans to scrap the 45p rate of income tax for higher earners.
The plan to scrap the 45p rate, paid by people earning more than £150,000 a year, was announced as part of a package of tax cuts. Chancellor Kwasi Kwarteng said the proposals had become a “massive distraction on what was a strong package”
“We just talked to people, we listened to people, I get it,” he added.
Blick Rothenberg tax partner Robert Pullen said: “I wouldn’t be surprised if Liz Truss and Kwasi Kwarteng now looked at other tax cutting measures for the Autumn Budget on 23 November, but they will need to tread very carefully given the recent social and political backlash and will need a fully costed plan to substantiate any changes.”
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