Kwasi Kwarteng admits tax plans caused ‘a little turbulence’
by Jessica Elgot, Lisa O'Carroll and Helena Horton from Economics | The Guardian on (#64AST)
Chancellor addresses Tory conference hours after abandoning plan to ditch 45% top rate
Kwasi Kwarteng told the Conservative conference that it had been a tough day" hours after U-turning on a tax cut for high earners, admitting his economic plan had caused a little turbulence".
The speech came after Kwarteng abandoned his plan to abolish the 45% top rate of income tax in a humiliating reversal. There had been a growing Conservative revolt over the policy and a tumultuous reaction from markets.
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