George Osborne will unveil an anti-recession package including some tax cuts, in a U-turn to allow the Tories to take the fight over the economy to a resurgent Gordon Brown.
A U-turn in driving refers to performing a 180 degree rotation in order to reverse direction of travel. It is called a "U-turn" because the maneuver looks like the letter U. [Source: Wikipedia]
However, the expression U-turn is now commonly used in politics to refer to a complete change in policy. An alternative expression would be a 180-degree turn.
Margaret Thatcher famously used the expression in a speech at the Conservative Party conference in Brighton in 1980:
To those waiting with bated breath for that favourite media catchphrase, the "U" turn, I have only one thing to say. "You turn if you want to. The lady's not for turning."