Eleven days before the Budget, we have a U-turn on a U-turn . The plan to raise the basic rate of income tax – and break Labour’s manifesto pledge – has been abandoned.

Remember, this was not the Treasury “flying kites”. The Budget watchdog, the OBR, had already been briefed on the plan. And the Chancellor briefed the nation from 9 Downing Street, preparing us.

After No 10 climbed down on welfare cuts and winter fuel, this latest volte-face leaves the PM and Chancellor diminished. They appear weak and unable to control their MPs. Yes, Britain’s economic outlook had improved a little.

But the real reason the plan was jettisoned is that it was certain to antagonise voters and (mutinous) Labour MPs.

Regardless, it looks like a panicked response to talk of a coup. This is not the way to

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