Finance minister Kwasi Kwarteng said the decision was taken with “humility and contrition”, after some lawmakers reacted with fury to suggestions that public and welfare spending could be cut to fund tax cuts for the richest.
Addressing the Conservative Party’s annual conference where lawmakers and supporters had gathered, Kwarteng acknowledged the “little turbulence” of the last week, but argued the government needed to press ahead with a new course to revive growth.
“What a day,” he said, to muted applause. “It has been tough, but we need to focus on the job in hand, we need to move forward. No more distractions.”
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