Kwasi Kwarteng admits ‘turbulence’ caused by mini budget

After announcing that the plan to abolish the 45p income tax rate was being scrapped, the chancellor spoke at the Conservative party conference.

In a reference to the 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 reitereated: “We are listening and we have listened,”.

Kwarteng added that his priority was now to focus on delivering the rest of the package without “distractions” and stressed that the plans in-place “would benefit everyone”.


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Kwarteng supported his tax cuts and repeatedly said that they would boost growth, which would lead to higher wages and more money to finance public services. Kwarteng also reiterated his goal to achieve 2.5% annualized growth.

He said that as Conservatives, “we believe in growth” but that “we [also], as Conservatives, believe people should keep more of the money they earn”.

“This isn’t a radical vision, it’s one we all want” he says to applause.

The chancellor also announced he would publish a “medium-term fiscal plan” to show how he intends to get debt falling, and that a “full economic and fiscal forecast” from the Office for Budget Responsibility was on its way.

“The government is wholly committed to economic growth”, Kwarteng says, “and that is why it is offering a new economic deal for Britain.”

“We’ve done it before and we can do it again,” he says.