Chancellor Kwarteng performs abrupt U turn on the Government's plan to cut 45% tax rate - finance experts comment - IFA Magazine

Contributing sentiments towards policy:

44% : Interest rate rises were already going to spell huge pain for the public, but the announcements like the scrapping of the top rate of tax only served to potentially push them higher and it was key that the government tried to distance themselves from their action causing this reaction.
43% : Commenting on today's 'embarrassing' U turn, Rachael Griffin, tax and financial planning expert at Quilter said: "Scrapping the top rate of income tax would have benefited the few - around 1% - who are very well paid and would have cost the exchequer around £2 billion.
40% : She has been manipulated into this U-turn after senior conservatives yesterday coming out in open revolt at the Treasury's decision to scrap the 45p tax band for the wealthy while refusing to rule out cuts to welfare for the poorest.
29% :Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown also describes the U turn as 'embarrassing' as she commented: ''The great Truss retreat on tax saw the pound surge briefly in value, jumping above $1.12, up by round 1 per cent in a matter of minutes just after rumours swirled about the move.

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