Following our summary of the 2022 Mini Budget on 23 September, the Chancellor has announced that plans to scrap the highest rate of income tax will be reversed, following a major backlash.
Kwasi Kwarteng said the plan for the additional rate of income tax ‘had become a terrible distraction from the wider growth plan’.
The reversal comes in response to the near-collapse of the pound caused by the controversial measures introduced in the government’s ‘Mini Budget’ of 23rd September 2022.
Please see our revised summary here.
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