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UK’s Kwarteng says will not resign after tax cut U-turn

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LONDON — Britain’s finance minister Kwasi Kwarteng said he would not resign after making a humiliating U-turn on cutting the 45% top rate of income tax on Monday, saying the plan had become a “massive distraction.”

Asked if he has considered resigning, Kwarteng told the BBC: “Not at all.”

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He declined to admit it was a mistake. “What I admit was that it was a massive distraction on what was a strong package,” he said. (Reporting by Kylie MacLellan and Muvija M, Writing by Paul Sandle, editing by James Davey)