We've come to the end of today's coverage, thanks for joining us, we'll be back with more live updates tomorrow, when the Conservative conference enters its third day.

Today's writers were Thomas Mackintosh, Adam Durbin, Aoife Walsh, Ruchira Sharma, Oliver Slow, Charley Adams, Sam Hancock and Alys Davies.

It was edited by Alexandra Fouche, Andrew Humphrey and Heather Sharp.

You can read our latest news story here.

Helen Catt
Political correspondent

This is not a U-turn on the scale of the 45p tax rate but it is another big reversal.

There has been pressure on the Treasury from Tory MPs to bring the statement forward.

The prime minister and the chancellor do not themselves appear to have said 23 November in recent days, but they have certainly allowed the impression the statement would not move from then to persist.

The Chief Secretary to the Treasury Chris Philp certainly didn't appear to know that the date was changing, insisting on the BBC's Politics Live that it would still be 23 November, even after the chancellor hinted towards a change in his speech.

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We're going to pause our live coverage soon but before then, here's a rundown of the day's key events.

U-turn on income tax cut

• Chancellor Kwasi Kwarteng announced this morning that the government was abandoning plans to abolish the top rate of income tax following criticism
• It came less than 24 hours after PM Liz Truss insisted the tax cut would go ahead, leading some to voice concerns about the party's leadership

Kwarteng's speech

• Kwarteng used his Tory party conference speech to insist his mini-budget would see the UK's economy grow and taxes reduced for "you and your family"
• He also claimed Truss's government, which he has repeatedly referred to as a "new era", would be one that is "always on the side of those who need help the most"
• The chancellor is bringing forward publication of his medium term fiscal plan from 23 November - a source told the BBC it is now expected this month

MPs for and against

• Kwarteng and Truss received a mixture of praise and criticism today, with former minister Nadine Dorries urging the new PM to call a general election, but
• Michael Gove accused Truss of "biting off more than she could chew" with her tax-cutting agenda, but suggested he would back the mini-budget following the tax cut U-turn
• But Business Secretary Jacob-Rees Mogg praised Truss as a pro-business "dynamo", and said she'd done a year's worth of parliamentary work in her first two weeks as leader

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The Director of the Institute for Fiscal Studies (IFS) has welcomed news that the Chancellor Kwasi Kwarteng is now expected to bring forward the release of his plan to cut the UK's debt - along with official forecasts for the economy - after he was criticised for previously saying he'd wait until the end of November.

Paul Johnson, Director of the IFS, told Radio 4's World Tonight: "It's good to see we might get these forecasts and indeed a sense of direction from the government earlier than expected.

"This may well indicate they've got a clearer sense of how they're going to achieve fiscal sustainability than perhaps we expected up till now".

"It will be very good to see what the plans are and how they add up," he said.

Johnson, however, added that sticking to public spending targets would be very tough, and it was hard to think of cuts that were "plausible."

“It may be a lack of imagination on my part but it’s hard to see where you make really big cuts in public spending."

Jennifer Meierhans
BBC business reporter

Chancellor Kwasi Kwarteng says he will publish his medium-term fiscal plan this month instead of next month - but what is it?

The government sets fiscal rules which it must stick to when making decisions on things like spending and taxes.

In the medium-term plan the chancellor will explain how he will help grow the economy to achieve the 2.5% annual growth target he’s set out.

He is also expected to give details on improvements to planning and infrastructure among other things.

It will be accompanied by analysis from independent forecaster the Office for Budget Responsibility which will assess how spending and growth will be affected by these plans.

This is important because when the chancellor unveiled his package of tax cuts in the mini-budget, he did not explain how they would be funded - which has been seen as one of the causes of the dramatic reaction in the markets.

It's expected the medium-term plan will give more detail on how the government intends to fund its mini-budget plans.

A source has told the BBC it's now expected that the plan to get the UK's debt falling will be unveiled this month, although the date is still to be confirmed.

The plan had originally been set to be published on 23 November.

Image source, Getty Images

We've been following the chancellor's speech at the Conservative Party conference, after his U-turn on plans to scrap the top rate of income tax. But other things have been going on which will affect the economy - and our lives.

Tax U-turn lifts pound as borrowing costs fall

• The pound has climbed after the chancellor reversed his controversial decision to scrap the top rate of income tax, gaining more than 1% to $1.13.

Mortgage rates rise sharply as squeeze tightens

• Major mortgage lenders are increasing the cost of home loans, with the average two-year fixed rate now close to 6%, new figures show.
• A typical two-year fixed mortgage deal is currently 5.75%, up from 4.74% on the day of the mini-budget, financial information service Moneyfacts said.

UK at significant risk of gas shortages this winter, warns energy regulator

• The UK is facing "a significant risk" of gas shortages this winter, according to the industry regulator, which could impact electricity supplies.
• Firms are at risk of running out of money because of huge charges they pay if they cannot deliver electricity.

We've been reporting on the government's decision to drop its plan to abolish the 45% rate of income tax, as per the mini-budget announced last month.

But some may still be wondering how the government's planned series of tax cuts will touch them. Let's take a look.

Income tax 45% rate

The top rate of income tax for those earning more than £150,000 a year was reduced from 50% to 45% in 2013. A decade on, the rate was to have been abolished in England, Wales and Northern Ireland, but this is no longer going ahead.

National Insurance reversal

A 1.25p in the pound increase in National Insurance, which was introduced in April 2022, is being reversed from 6 November. It will apply throughout the UK to around 28 million people, and also to employers.

Stamp duty cut

The price at which Stamp Duty Land Tax starts to be payable on property purchases in England and Northern Ireland has doubled, from £125,000 to £250,000.

This will affect anyone buying a property, from 23 September onwards.

Read more on the planned tax cuts here.

We've been hearing a lot about the Office for Budget Responsibility (OBR) - especially as we've just heard the government will pull forward its medium term fiscal plan, and the policies will be costed by them.But what is the OBR? It's the independent watchdog for the government's finances.

It usually produces economic forecasts twice a year, to accompany each autumn budget and spring statement.

It scrutinises government plans, to increase taxes or borrowing for example, and predicts what the likely impact on the overall economy will be.

These forecasts are so important because a strong one gives investors confidence to put money into the UK economy - whereas a weak one is likely to have the opposite effect.

The government can request forecasts from the OBR at any time to get independent advice on big moves.

But it did not take the OBR up on its offer ahead of last week's mini-budget. This is thought to have undermined confidence in the markets.

This led to the pound dropping to its lowest rate against the dollar in 37 years on Monday, before returning to its previous level.

Faisal Islam
BBC Economics Editor

The government is to pull forward its long awaited debt plan from late November, the BBC understands.

The Treasury Select Committee, former Chancellor George Osborne, and many in the markets have advised the government not to allow a hiatus of several weeks’ market speculation over how its numbers will add up.

The chancellor told the Conservative conference that the figures would be provided “shortly” rather than 23 November.

While the date is to be confirmed, it could occur this month, after the Office for Budget Responsibility (OBR) told the Treasury it could complete its deliberations in a faster timeframe.

The OBR will cost all the policies announced by the chancellor and provide new numbers for borrowing.

The budget watchdog will also cast judgement on the government’s claims that its raft of reform policies will boost the growth of the economy.

The numbers will set the parameters for critical decisions on the extent of spending cuts required to meet the chancellor’s fiscal targets, given the £43bn in unaccounted tax cuts.

It is the latest sign that Number 11 is willing to do what it takes to regain confidence lost since the mini-budget, following the acknowledgement of problems with the mini-budget and the U-turn over the scrapping of the 45p rate.

But the decisions revealed by the OBR analysis will lead to a different set of tough decisions - how to make the numbers add up. Independent analysts say the scale of required cuts could rival the 2010 coalition austerity programme.

The Chancellor Kwasi Kwarteng is reportedly accelerating the publication of his medium-term plan for the economy from 23 November to this month.

The chancellor had previously insisted that the medium term fiscal plan would still be published in November, despite calls for it to be published sooner following the market chaos that came with the announcement of his mini-budget.

The FT reports, external that "several government officials" confirmed the change in schedule.

It also says official forecasts from the Office for Budget Responsibility (OBR) will be published alongside the plan. OBR forecasts are normally published alongside government fiscal statements. But no report was published on the day of the mini-budget.

Conservative MP Huw Merriman has apologised to his constituents for the turmoil caused by the government’s mini-budget.

In an email to electorates, Merriman - who is MP for Bexhill and Battle and chairs the Transport Select Committee – said he had backed Liz Truss’s rival Rishi Sunak in the leadership battle, and added that while the budget was “not a plan I voted for”, as a Conservative MP it “would be wrong of me not to say that I am extremely sorry for the impact it has had”.

He also said he had supported Sunak – who received 43% of the party membership’s vote compared to 57% for Truss in the final leadership vote – because he believed the former chancellor had the “economic experience, and policies, which we needed at this difficult time”.

“Like Rishi, I accept the result and the desire of this Prime Minister to do things differently to the position we took,” he said, adding it was important for the government to adhere to the manifesto commitments from 2019.

“Any attempts to fund tax cuts for the wealthiest by increasing public borrowing or reneging on pension increases or cuts to other programmes we promised, would not be in keeping with the last election,” he said.

Iain Watson
Political correspondent

Chancellor Kwasi Kwarteng promised not to give a 'Fidel Castro' speech at the think tank Policy Exchange reception, meaning it would be brief and not three hours long - but the content was also a long way from that of the late Cuban leader.

Kwarteng said the mini-budget was - beyond what he called the "market reaction and excitement" - really a growth plan.

He said he was bringing a "small L liberal" approach to government, and noted the event sponsors Diageo were pleased about his announcement on alcohol duties and added "so am I".

The Chancellor said Policy Exchange was "twice as old as the OBR which gives you some authority".

He did not mention the 45p rate U-turn.

Image source, PA Media

Jacob Rees-Mogg, Secretary of State for Business, Energy and Industrial Strategy, has also taken the stage at the Conservative party conference.

He praises the Prime Minister Liz Truss for her performance over the last two weeks - describing her as a "genuine dynamo".

"The prime minister, since she took office, has completed about a year's government business in a fortnight," he says.

He says the government has responded "rapidly" with "speed and foresight" to the energy challenges the country is facing.

His last comment is met initially with applause from a single audience member. Rees-Mogg responds: "Thank you, at least one of you agrees with me" - and much bigger applause follows.

"We've all been here a very long time so the fact that one person is paying attention is a great relief, and I'm very much obliged," he says to laughter.

He goes on to say that "if people want to call me Tory scum, I don't mind" - referring to heckling from protesters as he entering the Conservative conference venue yesterday.

He also congratulated delegates for coming to the conference "in spite of the best efforts of Mr Mick Lynch" - in reference to the leader of the RMT rail workers' union, which is one of the unions that held strikes disrupting travel ahead of the conference.

Paul Seddon
Reporting from Birmingham

David Watson, a Tory councillor from Buckinghamshire, says he was glad to hear the chancellor talking about fiscal discipline, adding that "perhaps things got out of balance" at last week's mini-budget.

He says the government had been "probably a bit unfairly" blamed for what happened afterwards.

Kwasi Kwarteng is "basically on the right track," he says.

On the U-turn over the top tax rate, he says he would have preferred a wider review of the tax system as a whole.

The chancellor promised action to tackle strike action that "slows down our economy", in his speech to the Tory conference.

Kwasi Kwarteng says the Conservatives will introduce reforms to "stop strike action from derailing our daily lives".

Kwarteng pledged union reforms during his mini-budget on 23 September.

Thousands of workers across a number of UK industries are taking strike action, including criminal barristers, postal staff and workers across the railway network.

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The International Trade Secretary, Kemi Badenoch, has called on Conservative party members to "get behind the prime minister".

She told the Conservative conference in Birmingham: "We need unity and we need to be able to have dissent in a grown-up fashion."

She urged colleagues who didn't agree with government policy not to "rush to the first TV studio to let everybody know how angry they are".

She added that some of the politicians who had criticised policies were her friends but she said it wasn't helpful to the whole party and "the party needs to come together".

The minister said the Conservatives' real opponents were the Labour party.

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Taking to the stage after Chancellor Kwasi Kwarteng, the Culture Secretary Michelle Donelan says there is a "huge opportunity for growth" in the media, cultural, arts and creative industries sectors.

She says she would like to "pay tribute to the BBC and all broadcasters for their excellent coverage and tribute that they gave to her late majesty the Queen".

Donelan then moves on to speak about social media companies, which she accuses of feeding children "dangerous content" leading to "devastating tragedies" - in reference to the inquest into the death of teenager Molly Russell.

"Last week there was the inquest into Molly Russell," she says. "It further highlighted the horrific failure of social media companies in terms of their ability to put children and young people, and their welfare, first."

She says the Online Safety Bill - currently before Parliament - must be the answer, adding the bill would continue its parliamentary journey. It follows speculation that the bill could be dropped after her predecessor, Nadine Dorries, left government.

Approached for comment by the BBC’s Ben Wright as he left the auditorium after Kwarteng's speech, Michael Gove refused to say what he thought about the speech, and the policy reversal.

“I’m just on my way to see a dear friend, and so I will offer a few thoughts later,” he said, before refusing to answer a follow up question.

Speaking to the BBC’s Laura Kuenssberg yesterday, Gove said the prime minister’s decision to cut the 45p tax rate was “a display of the wrong values” and hinted he wouldn’t vote for it. And today - after news of the U-turn on the 45p tax cut - he suggested to Times Radio that he would in fact vote for the package.

Chancellor Kwasi Kwarteng has given his speech at the Conservative Party conference in Birmingham. Here's a selection of pictures, as he spoke and his cabinet colleagues responded.

Image source, Getty Images

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Image source, Getty Images