Chancellor scraps plans to remove 45% income tax rate for high earners

U-turn ten days after Mini Budget

Valeria Martinez
clock • 1 min read

Chancellor Kwasi Kwarteng is reversing the proposed scrapping of the 45% rate of income tax for high earners, ten days after it was first unveiled in the Mini Budget.

To continue reading this article...

Join Investment Week today

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

UK inflation rises to 2.9% amid surge in gas prices following renewal of Iran conflict
UK

UK inflation rises to 2.9% amid surge in gas prices following renewal of Iran conflict

ONS data

clock 19 August 2026 • 2 min read
UK employment 'stubbornly inflationary' as small businesses feel the squeeze
UK

UK employment 'stubbornly inflationary' as small businesses feel the squeeze

Rate cut chances fade

Michael Nelson
clock 18 August 2026 • 2 min read
RBC Bluebay's Mike Bell: Government could help control inflation more than you think
UK

RBC Bluebay's Mike Bell: Government could help control inflation more than you think

‘Watching the pay data a waste of time’

Mike Bell
clock 18 August 2026 • 4 min read
Trustpilot