The Chancellor confirmed to MPs that the health and social care levy introduced by Boris Johnson’s government would be cancelled.
Kwasi Kwarteng said: “It is an important principle that people should keep more of the money they earn. It is good policy to boost the incentives for work and enterprise.
“Yesterday, we introduced a Bill that means the Health and Social Care Levy will not begin next year. It will be cancelled.”
The Chancellor said this, and other planned rises in national insurance contributions, would be cancelled from “the earliest possible moment”, November 6.