Chancellor Kwarteng to reverse his planned tax cut for richest in UK

The Chancellor Kwasi Kwarteng said ditching the 45p tax rate for the highest earners had become too much of a distraction.

But the sudden u-turn, just hours after Prime Minister Liz Truss stood by the policy, sent an already febrile party conference – in which there was much talk of whether this government can survive – into a spin.

This afternoon the Chancellor insisted he “gets it” but described the market reaction to his budget which sent the pound down and mortgage rates up as “a little turbulence”.

So does he really “get it”?