UK Chancellor Kwasi Kwarteng backs down on tax rate | 3News.com

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Government sources are yet to comment on the reports, which would mark a humiliating climbdown for Liz Truss.

Ex-cabinet minister Grant Shapps had warned the Prime Minister would lose a Commons vote on the proposal.

On Sunday, the prime minister told the BBC she was absolutely committed to it as part of a package to make the tax system “simpler” and boost growth”.

On Sunday, senior Tory Michael Gove hinted he would not vote for the plan when it came to Parliament, saying “I don’t believe it’s right”.

The former Cabinet minister said the PM’s decision was “a display of the wrong values”.