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Kwasi Kwarteng explains U-turn on scrapping 45p tax rate

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 “terrible distraction” amid widespread criticism.
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