The government has U-turned on plans to scrap the 45p rate of income tax for higher earners, a day after the prime minister committed to them.

Chris and Adam are in Birmingham for the Conservative party conference, where Kwasi Kwarteng defended economic plans but admitted there had been “a little turbulence”.

Conservative MP and former cabinet minister Grant Shapps joins them, as does Bloomberg’s Stephanie Flanders.

Newscast was hosted by Adam Fleming and political editor Chris Mason.

This episode of Newscast was made by Tim Walklate with Miranda Slade and Chris Flynn. The technical producer was Emma Crowe and the editor was Jonathan Aspinwall.