Truss Backs Kwarteng Even After Humiliating U-Turn on UK Tax Cut
- Chancellor Kwarteng says proposal had become a ‘distraction’
- Decision to scrap 45% tax rate had contributed to market rout
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Liz Truss is standing by her Chancellor of the Exchequer Kwasi Kwarteng after the threat of a rebellion in the ruling party forced them into a humiliating reversal on a plan to cut taxes for the top earners in the UK.