Chancellor Kwasi Kwarteng expected to scrap the controversial 45p tax rate ahead of his Conservative party conference speech later today.

The Chancellor will speak on BBC Breakfast at 7.30 am amid speculation that the new tax rate would be delayed or even scrapped just 10 days after it was announced in the mini-budget.

The expected U-turn comes after several Tory MPs voiced their opposition to the plan as the party conference continues.

Former cabinet ministers Michael Gove and Grant Shapps criticised the income tax cut for people earning more than £150,000 at a time as millions of people struggle with the rising cost of living.

Barrhead News: PAPA (Image: PA)

Prime Minister Liz Truss has also been criticised for singling Mr Kwarteng out as responsible for the tax cut.

Speaking to the BBC's Laura Kuenssberg, Ms Truss said on Sunday that: “it was a decision the Chancellor made” rather than one debated by the entire Cabinet.

READ MORE: Liz Truss ‘throws Kwasi Kwarteng under a bus’ over controversial tax cut

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What is the tax cut?

The new tax cut would see the 45% tax rate on incomes over £150,000 abolished.

This has seen a negative reaction since its announcement as the country faces a cost of living crisis.

Some Conservative MPs, including high-profile former ministers, have also voiced anger over the cut.

The tax cut was announced as part of the Chancellor's mini-budget and was due to come into effect in April 2023.

When is the Chancellor Kwasi Kwarteng's speech at the Tory Conference?

Following Monday morning's statement, Chancellor Kwasi Kwarteng will speak at the Conservative Party Conference in Birmingham today.

The speech will be keenly watched across the country following the Chancellor's statement earlier in the day.

He is expected to make the address around 4 pm just shortly before the markets close.

Mr Kwarteng was expected to say that the Conservative Party needed to “stay the course” and back his plan for tax cuts in the face of a mounting Tory revolt.

However, The Sun newspaper had reported earlier that Prime Minister Liz Truss was preparing to ditch the plans after talks with Mr Kwarteng following the backlash.