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

British Chancellor of the Exchequer Kwasi Kwarteng attends Britain's Conservative Party's annual conference in Birmingham, Britain, October 3, 2022. REUTERS/Hannah McKay

LONDON, Oct 3 (Reuters) - 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."

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

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