British finance minister Kwasi Kwarteng said on Monday the government was reversing its plan to scrap the highest rate of income tax.
“We are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened,” Kwarteng said in a statement on Twitter.
Meanwhile, reports kept saying that Prime Minister Liz Truss would lose a Commons vote on cutting the top rate of income tax.
Scrapping the 45% top rate was a key part of last Friday’s mini-budget aimed at boosting growth.
But it has faced a growing backlash from Conservative MPs after market turmoil and a big slide in the polls.