The Liz Truss-led UK government on Monday made an embarrassing U-turn on its central plank of tax cuts by withdrawing a controversial policy to abolish the topmost income tax slab for the wealthiest, following market turmoil and to avert a feared rebellion within the Conservative Party.

The decision, which marks a humiliating climbdown for Prime Minister Truss, comes after several Conservative MPs criticised the government’s plan announced just 10 days ago.

Chancellor Kwasi Kwarteng declared that the announcement in his mini-budget of a proposed abolition of the 45 pence tax rate, which applied to the top tier of income taxpayers from next April, had become a “massive distraction” to an otherwise sound growth plan for the economy.

The plan to scrap the 45p rate, paid by people earning more than 150,000 pounds (USD 167,000) a year, was announced as part of a package of tax cuts on September 23.

It came after days of turmoil on the global financial markets spooked by the prospect of huge government borrowing costs and the pound tumbling against the dollar as the Bank of England had to step in to shore up the country’s pension funds.

“We get it, and we have listened,” Kwarteng tweeted before taking to the airwaves to defend what has been dubbed a screeching U-turn by the newly appointed government.

Kwarteng said the proposal was “drowning out a strong package”, including support for energy bills, and cuts to the basic rate of income tax and corporation tax. Asked whether he owed people an apology, Kwarteng said,“We’ve listened to people. And yeah, there is humility and contrition in that. And I’m happy to own it.”