The British government has performed a major u-turn on plans to cut income tax for the country's highest earners.
The measure is now being dropped - just ten days after it was announced.
The news has sent the pound sterling up against the US dollar.
Chancellor Kwasi Kwarteng has tweeted to say he won't be proceeding with abolishing the 45% rate.
Former UK Cabinet minister Grant Shapps is welcoming the U-turn.
"The policy didn't stack up and it didn't make sense.
"It's absolutely right and proper and I'm very pleased that it's been done quickly, that the government has u-turned on this.
"It couldn't gave gotten through Parliament - you wouldn't have had to knock on many doors to see how unpopular it would have been."
