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Liz Truss will hold a televised Downing Street press conference later today as she battles to prove she can be trusted with the economy.
The Prime Minister is expected to alter her economic plans after listening to concerns from her backbenchers and the markets.
She will address the nation at 1pm this afternoon as she looks to reassert her authority after a turbulent past three weeks.
Late last night Kwasi Kwarteng cancelled meetings in Washington DC to fly home from the US for crunch talks on U-turning on plans to ditch a rise in corporation tax.
Earlier this year Rishi Sunak introduced plans to increase the rate paid by businesses from 19 percent to 22 percent in 2023. However, Mr Kwarteng scrapped the plans as part of last month’s mini-budget.
The economic measures announced in the House of Commons by the Chancellor on September 23 sparked panic in the markets, with a run on the pound, and gilt yields surging.
Mr Kwarteng hinted a U-turn was on the cards when he refused to commit to sticking by the plans in an interview yesterday.
He told The Telegraph “let’s see” when asked if he was preparing to row back on the Government’s tax plans.
Speaking earlier in the day he insisted he was “totally focused” on delivering his growth proposals.
Hitting back at suggestions both his and Ms Truss’s jobs were at risk, he said he was sure that both would be in their positions this time next month.
“Absolutely. 100 percent. I’m not going anywhere,” he said.
It is understood Mr Kwarteng will not be apart of this afternoon’s press conference amid speculation that this morning Ms Truss decided her Chancellor’s position was untenable and that he had to go.
More to follow…
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