Chancellor Kwarteng to reverse his planned tax cut for richest in UK

The Chancellor Kwasi Kwarteng said ditching the 45p tax rate for the highest earners had become too much of a distraction.
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But the sudden u-turn, just hours after Prime Minister Liz Truss stood by the policy, sent an already febrile party conference - in which there was much talk of whether this government can survive - into a spin.
This afternoon the Chancellor insisted he "gets it" but described the market reaction to his budget which sent the pound down and mortgage rates up as "a little turbulence".
So does he really “get it”?
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[@gretareinarsson7461]

Worth remembering that they backed down not because of the people in the country but because they did not have support among their own.

[@marcopalazzo9349]

What a disaster these thieves are.

[@bmichael3580]

Jacob Rees Mogg is a 90s man, unfortunately it’s the 1890s

[@JmeHayGreenz]

They’ve “listened” but they haven’t learned a damn thing.

[@tobyclayton2597]

I didn't think that we could get a government more horrifying than the last one, then Liz said "hold my beer".

[@yaasmiinn]

Poor chancellor, Liz blaming him for everything to save her back as if she scammed her way to become the prime minister of UK 😂

[@harryc8415]

A small victory was had with the reversal of the 45% tax cut.

[@soviet9366]

The arrogance remains breath taking. Day 1: Sacked the most senior civil servant in the Treasury for doubting him; Continues to repress the Office for Budget Responsibility report of his plans, and yet thinks it churlish of the markets to have no confidence in him. For anyone with a £100k mortgage renewal: The extra £1000 a year wasted in interest payments is your Kwarteng Tax

[@realfreedom8932]

BoE saved the day at a massive cost to the tax payer... in any other job you would get fired straight away

[@gtl.distributionshaon6071]

Enough is enough

[@Marenqo]

Rees mogg is sadly representative of the state of our country's higher education sector. My god, what a mediocre mind and what fluff.

[@WellOilBeefHooked]

This is a huge mistake. People who are in their position should never make such massive errors. UK is in the toilet bowl and the flush is about to be pushed.

[@wittyname212]

Most scary thing in this was the woman who didn't know who lizz truss was. And people wonder how we got here....

[@TimothyBushell]

Phrases starting "the public wants/expects" when defending an unelected mandate should come with an on the spot fine.

[@wleon4068]

They absolutely hated that they had to do this. Condescending isn't even the word. The sooner this monstrosity of a 'Government' is hurled from power, the better.

[@ascgazz7347]

Absolute STARK CONTRAST to Labours friendliest conferences in years.

[@colinmassey527]

No - he has merely delayed the cut - they will definitely try to sneak it through again when the time is right...

[@citykeys3495]

Kwateng has now confessed that his Champagne drink was spike by Liz Trus.

[@noodleppoodle]

It all started with the Brexit vote or even earlier

[@JRattheranch]

I'm fascinated to hear the plan, because nothing I've heard so far could possibly improve the prosperity of the nation, only the few!