The chancellor says he won't be proceeding with abolishing the 45p rate - claiming it's "become a distraction from our overriding mission to tackle the challenges facing our country."
Kwasi Kwarteng, who is also the MP for Spelthorne, is facing calls for an inquiry, following claims he met hedge fund managers after his mini budget.
Tory party chairman Jake Berry is denying that plans for future spending cuts were discussed at the event.
This afternoon he's speaking at the Conservative party conference in Birmingham - defending his so-called mini-budget.