The Latest Breaking News from Kwasi Kwarteng

Mr Kwarteng has confirmed the U-turn in a TV interview in the last few minutes

British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn after less than a month in power, reversing a cut to the highest rate of income tax that helped spark turmoil in financial markets and a rebellion in her party.

’We get it and we have listened,’ chancellor says, in humiliating U-turn that has derailed the Tory conference

Government makes U-turn over proposal to abolish top-rate tax cut after growing backlash over mini-budget

Proposal had proved unpopular during cost of living crisis

The Chancellor’s mini-budget triggered turmoil in the City and was criticised by the International Monetary Fund.

Chancellor Kwasi Kwarteng will no longer be scrapping the 45p rate of income tax

Mr Kwarteng defended the Government’s measures aimed at growing the economy

In today’s newsletter: Brazilians will go to the polls again after leftist former president Lula won the first vote but failed to secure a majority over far right incumbent