The government is abandoning its plan to abolish the top rate of income tax for the highest earners following a growing backlash.
Chancellor Kwasi Kwarteng say "it is clear that the abolition of the 45p tax rate has become a distraction", adding "we get it, and we have listened"
The U-turn comes after several senior Tory MPs voiced their opposition to the plan, announced just 10 days ago in the mini-budget.
As the Conservative Party conference started in Birmingham on Sunday, Prime Minister Liz Truss vowed she would not abandon the policy.
But Kwarteng now insists he and the PM agree they must scrap the tax cut.
He adds the government can now "move forward with making the push for the growth plan", and says he has not considered resigning.
The proposal to scrap the rate paid by people earning over £150,000 a year had been criticised as unfair at time of rising living costs.
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Wise men speak because they have something to say; Fools because they have to say something.
Oh my God, not again!!
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