The UK's controversial budget may be over before it even starts after Finance Minister Kwasi Kwarteng is reportedly set to make a statement about its cancellation.
The report released by the BBC said that the main reason for the repeal was triggered after several Tory MPs voiced their objections.
Meanwhile, The Sun also reported that Prime Minister Liz Truss is preparing to scrap the 45% tax rate following talks with Kwarteng after a poor response from her MPs last week.
Ten days ago, Kwarteng announced his biggest tax cut in 50 years which raised various criticisms from inside and outside the country.
At its peak, Tory MPs threw their weight behind when former cabinet minister Grant Shapps warned Liz Truss that she would lose a parliamentary vote on the proposal.
In addition, Michael Gove signaled that he would not support the plan on the first day of the Conservative conference in Birmingham.
He said, the cuts reflect the wrong values and Truss has no mandate to act in such a way.
Gove was also concerned about the decision to borrow to fund the tax cuts, calling it 'unconservative'.
More than 13 MPs have voiced their criticism of the policy which has forced Liz Truss to change her government's mini-budget.
As well as Gove, Andy Street, the Tory mayor of the West Midlands, also opposed the move, saying it would be impossible for Truss to get majority support.
