As it happened: Liz Truss and Kwasi Kwarteng U-turn on scrapping 45p tax rate | Nicola Sturgeon hits out at "utter ineptitude"
Chancellor Kwasi Kwarteng is expected to make an astonishing U-turn over the abolition of the top rate of income tax for the highest earners.
Mr Kwarteng is believed to be preparing to issue a statement on Monday, climbing down over the plan to axe the 45% rate for earnings over £150,000 and pay for it by borrowing.
Liz Truss and Mr Kwarteng had been under pressure, including from senior Tory MPs, to back down on the measure announced in the mini-budget on September 23.
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