The government has U-turned on plans to scrap the 45p rate of income tax for higher earners. Some people in London's Square Mile had this reaction. More here from our Political Editor Tim Donovan on reaction from London Conservative MPs:
Chancellor Kwasi Kwarteng sat with Prime Minister Liz Truss at the start of the Conservative Party conference on Sunday"Hallelujah!" - the single-word response from one London Conservative MP to the top rate tax U-turn.
"I think this was a recognition of the reality that publicly and privately many colleagues had told the government that it was not acceptable to cut taxes for the richest when so many were struggling." Doing away with that policy came as something of a surprise to those across the political spectrum when it was announced in the government's mini-budget 10 days ago. During her party leadership campaign, Liz Truss had not hinted it would be among her tax cuts should she become prime minister.Many people who would have benefited from the tax cut work in the City
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