UK Prime Minister Liz Truss' government said on 3 October it won’t proceed with the scrapping of a 45% top rate of income tax, removing a key element of the mini-budget announced late last month that triggered turmoil in the country’s financial markets and an intervention by the Bank of England.

The decision to retain the tax rate on high incomes was announced during the ruling Conservative Party’s annual conference, where a number of lawmakers had expressed their opposition to the move.