The UK government has been forced into an embarrassing retraction after announcing it will not go ahead with its planned tax cuts for top income earners.

UK Chancellor Kwasi Kwarteng admitted the Tories' tax-cutting agenda caused some turbulence in financial markets but ultimately doubled down on the rest of the economic plan.

"We will get Britain moving, we will deliver lower taxes for you and your family and we will grow our economy," Mr Kwarteng said.

UK Business and Energy Secretary Jacob Rees-Mogg says “it’s a recognition of political reality”.

“The overwhelming reaction had been unsympathetic and governments have to deal with political reality – that governments can’t march into too strong a headwind,” Mr Rees-Mogg said.

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