Chancellor Kwasi Kwarteng says he has decided to scrap the government’s plan to cut the 45% rate for earnings over £150,000 because it was “drowning out the other elements” of the mini-budget. The chancellor described the 45p tax rate cut as “a distraction” and “the wrong thing to do”. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn