Chancellor Kwasi Kwarteng about to address Conservative Party conference, hours after U-turn on 45p rate of income tax
The chancellor has been speaking at the Conservative Party conference hours after announcing a major U-turn on plans to abandon the top rate of income tax.Kwarteng defended the tax cuts in his mini-budget, repeatedly arguing they would increase growth - and in turn deliver higher wages and money to fund public services. Good schools and infrastructure were impossible without a strong economy, he said. He also restated his aim to achieve 2.5% annual growth.
In a reference to the 45p tax rate U-turn, the chancellor admitted his mini-budget had"caused a little turbulence"."What a day, it has been tough but we need to focus on the job in hand," he said at the start of his speech."We are listening and we have listened," he said. Kwarteng added he would now focus on delivering the rest of the package - and stressed that average earners would benefit from the tax cuts.
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