The UK government has U-turned on plans to scrap the 45% rate of income tax for higher earners.
Chancellor Kwasi Kwarteng told the BBC the proposals, announced just 10 days ago, had become “a massive distraction on what was a strong package”.
The decision, which marks a humiliating climbdown for Prime Minister Liz Truss, comes after several Tory MPs criticised the plan.
On Sunday, Ms Truss had said she was committed to the policy.
The plan to scrap the 45% rate, paid by people earning more than £150,000 a year, was announced as part of a package of tax cuts.
Here’s more from his interview with the BBC’s Breakfast Club.
Chancellor Kwasi Kwarteng speaking on the BBC’s Breakfast Club.