Kwasi Kwarteng
Kwasi Kwarteng holds a folder reading "The Growth Plan 2022" as he walks past Number 10 Downing Street on his way to unveil an anti-inflation budget plan in London on September 23, 2022 Image Credit: AFP

London: Britain on Monday scrapped plans to axe its top income tax rate just 10 days after a debt-driven budget sparked turmoil on markets and fierce criticism during a cost-of-living crisis.

On the second day of the ruling Conservative Party's annual conference, finance minister Kwasi Kwarteng tweeted he was "not proceeding" with the removal of the top 45-percent income tax rate, adding it had become a "distraction".

The decision to reverse course is likely to put Truss and Kwarteng under huge pressure, less than four weeks after they came to power. Britain has had four prime ministers in the last six politically turbulent years.