FIRST AIRED: March 15, 2017

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00:00:00
>> Fasten you seatbelts. In just 7 days, the UK government has done a major u-turn on a big budget promise. Plans to increase national insurance for the self employed dropped. The announcement coming just before the Prime Minister's weekly grilling jumped on by her opposite number.>> We've just heard the prime minister's about the drop the national insurance hike announced only a week ago.
00:00:23
>> Seems to me like a government in a bit of chaos here.>>
LAUGH]>>
But, the real backlash came from the Conservative party itself. Chancellor Philip Hammond backing down after a week of pressure from party backbenchers. The tax hike, seen by some as breaking a Tory manifesto promise.
00:00:41
The u-turn might pacify them. But it's a harsh lesson for Hammond on the politics involved in Britain's budget. And will make his tough task of managing the UK's books a bit more difficult. On Wednesday, the chancellor sat behind his prime minister having to grin and bear it. There might be more of that as the UK weighs out the cost of leaving the EU.