An MP has labelled the government's tax u-turn as a "sensible and pragmatic" decision.

Waveney MP Peter Aldous welcomed chancellor Kwasi Kwarteng's decision on Monday to scrap a proposed tax cut, but called for more information on other proposals as soon as possible to "reassure the markets".

Prime minister Liz Truss and Mr Kwarteng abandoned a plan to abolish the top rate of income tax for the highest earners, saying the decision to axe the 45pc rate on earnings over £150,000 had become a "terrible distraction," amid widespread criticism and threats of a rebellion.

Mr Aldous said: "This is one thing the government needed to do to move forward in a sensible way.

"This was the right thing to do. I welcome that.

"But I'm not sure we can wait until November 23 for the remainder of their proposals and they need to be working on that at haste and reassure the markets.

"The overall concern with what was announced was a lack of concern with my constituents who are not high-rate taxpayers and their needs.

"When the government come forward with their full analysis and proposals, 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. There needs to be a real term increase on benefits at this time.

"The benefits system is there for a purpose: to prevent the most needy 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.

"What they have announced today is a step towards addressing those concerns.

"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."

Following the announcement, Mr Kwarteng declined to say whether benefits would be increased in line with inflation, during an interview on LBC radio.

Hours before he had been due tell the Conservative Party conference it must “stay the course” on the plans, he issued a statement saying: “We are not proceeding with the abolition of the 45p tax rate.”

“We get it, and we have listened."