The British government has backed away from plans to cut high income tax as part of a package of unfunded cuts that have sparked turmoil in financial markets and pushed the pound to record lows.
"Schemes to abolish 45 percent of income tax paid on profits over 150,000 pounds ($167,000) a year will be abandoned," Treasury Secretary Kwasi Quarting said in a statement.
The statement added, "It is clear that the abolition of the tax rate of 45 percent has become a distraction from our primary mission to address the challenges facing our country."
The minister's announcement comes hours after the Conservatives published advance extracts from a speech that Quarting is scheduled to deliver later today at the party's annual conference in the central British city of Birmingham.
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