Chancellor Kwasi Kwarteng has U-turned on the government’s plan to axe the 45% rate for earnings over £150,000 and pay for it by borrowing. Former cabinet minister Grant Shapps welcomed the announcement, saying that scrapping the 45p tax rate for the top earners was “the wrong move at the wrong time”. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn