The British Government has ditched a flagship tax cut for the wealthy.

In a mini budget last month, Chancellor of the Exchequer Kwasi Kwarteng announced a string of tax cuts designed to boost growth in the British economy. 

The most eye-catching was the decision to abolish the 45% tax rate levelled on those Britons who earn more than £150,000; henceforth, anyone earning more than £50,271 would be taxed at the same rate of 40%.

However, amid talk of austerity the measure played poorly - even among many Tory MPs - and on Monday morning Mr Kwarteng announced a u-turn: 

“It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country,” he tweeted. 

“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened.”

Main image: Liz Truss. Picture by: Ian Davidson/Alamy Live News