good evening and welcome to bbc news. it s been a tough day that s how the chancellor began his speech to the party faithful at the conservative party conference this afternoon. it follows a dramatic u turn this morning when the government suddenly dropped its plan to scrap the 45p top rate of income tax. only yesterday, the prime minister had insisted the tax cut would stay except in scotland. but now kwasi kwarteng says criticism of the measure had become a huge distraction that had drowned out other measures announced in the government s so called mini budgetjust 10 days ago. his change of heart followed mounting opposition among tory mps to the tax cut. our political editor, chris mason, reports. first thing this morning, things are moving. and fast. the planned tax cut for the highest paid is being junked. the government has blinked. it was an ambitious plan, and we talked to lots of people up and down the country. i saw the reaction. we considered what to do w
LONDON: Global gas markets are expected to remain tight next year as Russian pipeline gas supplies dwindle and gas demand falls in Europe in response to energy saving measures and high prices, the International Energy Agency (IEA) says.
sense that the chancellor did a u turn, will that s probably a good thing and a in the sense that they realised it wasn t the right thing to do. it’s they realised it wasn t the right thing to de they realised it wasn t the right thin to do. 3 w , thing to do. it s taken him ten days to do it, hasn t thing to do. it s taken him ten days to do it, hasn t it. thing to do. it s taken him ten days to do it, hasn t it. it thing to do. it s taken him ten days to do it, hasn t it. it was to do it, hasn t it. it was announced ten days ago in the so called mini budget. i announced ten days ago in the so-called mini budget.- announced ten days ago in the so-called mini budget. i think the ressure so-called mini budget. i think the pressure has so-called mini budget. i think the pressure has been so-called mini budget. i think the pressure has been mounting, - so-called mini budget. i think the pressure has been mounting, andj pressure has been mounting, and indeed, the media in
thumbs up from a colleague, smiles of reeif. a slow walk after a long day, which will leave an indelible mark on this government. which will leave an indelible chris mason, bbc news, in birmingham. chris mason reporting on government abandoning plans for cutting tax on the highest earners. we getting news of another change of heart by the government. despite insisting on the last few days that all the figures on how it sums add up will be made public on the end of november we understand from the bbc s economic editor that the government is now to put forward its long awaited debt planned for late november. you ll remember that the treasury select committee, many in the financial markets have advised the government not to allow a hiatus of several weeks market speculations over how its numbers will add up. chancellor told the conservative conference at the figures would be
that this government is taking more of a hands off approach and thinking people should do it themselves. i believe part of that is driven by the fact that uk is less exposed to russian gas. it s only three or 4% of our energy gas supply at max. relative to german supplies were it s about 50%. in some respects that reflects accurately the fact that reflects accurately the fact that we re less exposed to the supplied risks that russian curtailment represents. clearly there are downside risk associated with our exposure to global liquefied national gas for that would benefit because actually energy markets have been able to supply the uk large inflows of gas from other markets. if that was to start may be because there is competition with asia pacific demand in light of a cold winter we could see some distressing global gas markets. actually, that is not our