Chancellor Kwasi Kwarteng admitted his mini-budget caused market turmoil in a speech given after an extraordinary U-turn on axing of the 45p top rate of income tax.
However speaking in Birmingham he defended the Government’s measures aimed at growing the economy.
The Chancellor told the Conservative Party conference: “I can be frank. I know the plan put forward only 10 days ago has caused a little turbulence.
“I get it. I get it. We are listening and have listened, and now I want to focus on delivering the major parts of our growth package.”
He added: “Because with energy bills skyrocketing, a painful Covid aftermath, war on our continent, a 70-year high tax burden, slowing global growth rates and glacially slow infrastructure delivery, we couldn’t simply do nothing.
“We can’t sit idly by. What Britain needs more than ever is economic growth.”
He was forced to scrap the flagship tax cut just ten days after his mini Budget after a revolt by Tory MPs led by former Cabinet minister Michael Gove.
The decision leaves Prime Minister Liz Truss and Mr Kwarteng’s reputation badly damaged as they had insisted they would press ahead with the tax cut.
