On 23 September, Kwarteng delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. Widely referred to in the media as a mini-budget, he proposed to cut taxes and increase spending, and was followed by a sharp fall in the value of the pound against the United States dollar. Amidst widespread criticism, Truss and Kwarteng defended the budget for more than a week before beginning to announce reversals of the most controversial measures: the abolition of the 45% income tax rate for the highest earners, and cancellation of a planned freeze in corporation tax.