Two Suffolk MPs have welcomed the government's decision to abandon its plan to abolish the top rate of income tax for the highest earners.

The proposal to scrap the 45p tax rate paid by people earning over £150,000 a year had been criticised as unfair, with a number of senior Tory MPs voicing their opposition to the plan.

Chancellor of the Exchequer, Kwasi Kwarteng, who announced the plans 10 days ago, said: "It is clear the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country."

Conservative MP for Waveney, Peter Aldous, welcomed the reversal, saying: "This was the correct decision. It's sensible and it's pragmatic."

"However, I'm not sure we can wait until November 23 for the rest of their proposals and there are more things the government need to be doing to reassure the markets," he added.

"My overall concern was the lack of recognition of the needs of my constituents who are not high-rate taxpayers.

"There needs to be a clear pathway for those on low incomes to benefit from the growth strategy that the government want to unleash.

"There also needs to be clarification on benefits and an increase in benefits at this time. The system is there for a purpose: to prevent the neediest falling into destitution and that is what needs to be done.

"There is a very short window of opportunity to address the concerns that so many have raised and what they have announced today is a step towards this.

"I hope that in the next few days and couple of weeks they will take those other steps so that I can then have full confidence in them."

At the weekend James Cartlidge, Conservative MP for South Suffolk, labelled the policy "unacceptable", taking to Twitter to oppose "cutting tax for top earners whilst reducing benefits in a cost of living crisis".

He welcomed Monday's U-turn, saying: "This policy was the right one in the context we are in with the cost of living crisis."

"I of course still have faith in the prime minister," he added.

"She's the prime minister and she won the election.

"The most important thing to have economic growth is to have confidence and stability.

"And what they've done today will hopefully build that because it suggests that we will be restoring credibility to public finances.

"This measure doesn't do it on its own but it will contribute to that."

Thérèse Coffey, Tom Hunt, Dan Poulter, Matt Hancock and Jo Churchill have all been approached for comment.