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“Our focus now is on building a high-growth economy that funds world-class public services,boosts wages,and creates opportunities across the country.”

Truss was reposting the announcement made by her Chancellor of the Exchequer Kwasi Kwarteng,who first announced the backdown.

Truss had said the day before that it was Kwarteng’s decision to abolish the 45 per cent tax rate in the first place and that it was not taken to cabinet,comments widely perceived as Truss putting some distance between her and Kwarteng,her closest ally.

However,in a public show of support,Truss attended Kwarteng’s set-piece address to the conference,in which he attacked the “70 year-high tax burden” to justify their radical economic plan that they hope will spur economic growth.

The historically high taxing threshold was reached under former prime minister Boris Johnson and former chancellor of the exchequer Rishi Sunak,who Truss defeated in a vote of 141,725 members to become the leader.

“I know the plan put forward only 10 days ago has caused a little turbulence,I get it,” he said,while acknowledging that he had experienced a “tough day”.

“We need to move forward. No more distractions. We have a plan and we need to get on and deliver it. That is what the public expect from the government,” he said.

Kwarteng,a usually ebullient figure,appeared flatter than normal,repeatedly stumbling and wiping his brow during his 20-minute address.

There were awkward moments when he waited for applause but none came,but he did receive an enthusiastic reception from the crowd when he repeated his pledge to stop an increase in corporation tax.

The announcement of the unfunded tax cut for the country’s top earners spooked the markets. It caused the pound to slump to historically low values and the near collapse of the pension funds.

British Chancellor Kwasi Kwarteng kept his speech short and detail-free in Birmingham.Credit:Getty

The Bank of England had to intervene and buy £65 billion ($112 billion) worth of long-term debt to rescue the currency,which has recovered its losses,and shore up the pension funds.

It also caused a furious backlash among MPs who said they would vote against it,sparking threats from the Conservative Party chairman Jake Berry that they could be kicked out of the partyroom and denied the whip or voting with the government.

Former cabinet heavyweights Grant Shapps and Michael Gove led the backlash.

One MP who represents a red wall seat,toldThe Sydney Morning HeraldandThe Agethat:“When Liz Truss and Kwasi Kwarteng clash with newly minted backbenchers Michael Gove and Grant Shapps - it’s clear who’s going to win every time.”

A range of MPs welcomed the backdown,saying the government had listened.

The Labor opposition said the government was just making it up as they went along.

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