Liz Truss is to delay the vote on cutting the 45p rate of tax for higher earners, a cabinet minister has told Sky News.
The policy was announced in last Friday’s mini-budget but would have to go to a vote of MPs before it could be approved.
Earlier today, the party said any Tory MP who voted against the mini-budget would have the whip removed, which would mean they are suspended from the Tory party.
The vote is likely to take place in the spring, ahead of the budget.
Several Tory MPs have voiced their disproval of the controversial plan to remove the 45p rate of income tax from higher earners – which benefits the wealthiest 1% and would ensure they have tens of thousands of pounds more in their bank accounts.
The policy was one of a series that prompted turmoil in the markets over the past week, with the pound reaching record lows against the dollar.
Rigby said: “Liz Truss is avoiding a showdown with backbenchers in the coming weeks and is effectively buying herself some time.”
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However, sources close to the chancellor said: “There will be a vote on the finance bill next year, as planned, and no delays are expected.”
The news Ms Truss will delay the vote comes just hours before Chancellor Kwasi Kwarteng is expected to tell members to withstand the turbulence so the government could show their economic plan is “sound, credible and will increase growth”.
