The UK authorities have decided to abandon the abolition of the maximum income tax rate of 45% and applicable to annual income over $150,000 pounds, writes Dow Jones.

“The 45% tax decision was just a huge distraction from a very powerful package,” said Chancellor of the Exchequer Quasi Kwarteng.

The abolition of the maximum income tax rate was announced at the end of September as part of a massive tax cut program that drew criticism from experts due to a sharp increase in the state budget deficit and led to a rise in government bond yields.

To mitigate the consequences, the Bank of England had to suspend the planned start of the sale of government bonds and instead start buying debt securities again.