this afternoon after being forced into a dramatic u turn over his plan to scrap the 45 pence top rate of income tax. the decision to ditch the policy a decision which mr kwarteng confirmed this morning came less than 24 hours after the prime minister liz truss had publicly defended it. in a statement, mr kwarteng said the 45p tax plan had become a huge distraction and that the government had listened to people s concerns. yesterday on the bbc the prime minister said she was absolutely committed to the policy and that she would not abandon it. the move would have benefitted those earning more than £150,000 a year, a number of conservative mps had suggested that they were likely to vote against it in the house of commons. 0ur political correspondent ione wells reports from the political conference in birmingham it was meant to be the chancellor s
refusal set out how they were going to be paid for actually reversing the abolition of the 45p rate doesn t do much in terms of generating revenue. still an argument to be had over economic credibility, embattled is often used words when premises are in trouble but you do get the sense of that is how liz truss is at the moment. i think it is quite extraordinary on day two of the conference just weeks since he took over as leader. later thank you- since he took over as leader. later thank you. going since he took over as leader. later thank you. going to since he took over as leader. later thank you. going to be since he took over as leader. later thank you. going to be joining my thank you. going to bejoining my colleaguejo coburn is in westminster for politics live at four o clock in the chancellor is expected to speakjust before that so please stay with us for that. critics of the chancellor original plan have welcomed today s u turn, roy greenslade and the i said that
for example, that essentially meant that the average household bill for energy will be £2500. the move has been welcomed by some tory mps. we have a plan for growth and it s going ahead. if you re borrowing money to cut taxes for people - who are already better off, - then the public, who for example, one constituent said, - i m taking on extra shifts because mortgage rates- are going up because inflation has to be fought but also - because you are borrowing money to be fought but also because you are - in order to run these tax cuts and that is a combination - borrowing money in order to fund these tax cuts and that is a - that doesn t work. combination that doesn t work. hopefully, moving on from the 45p rate conversation allows you to get back into the growth and funding public services and what it s all meant to be about. i think it s the correct decision. have been talking about over the last week or so, which is the tens of billions of pounds the government is spending to suppor
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