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The Prime Minister is set to U-turn on the commitment this afternoon.
In the Tory leadership campaign over the summer, Jeremy Hunt promised to cut corporation tax from 19p to 15p on day one. He will now be charged by Ms Truss with increasing the rate to 25p.
Making changes to the team at the Treasury to carry out the U-turns, the Prime Minister also demoted Chris Philip as Chief Economic Secretary and instead replaced him with Ed Agar.
Pledging his loyalty after being sacked, Mr Kwarteng said in a letter to Ms Truss: “When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices.”
He said her “vision of optimism, growth and change was right” and promised to support her from the backbenches.
Responding to the letter, Ms Truss thanked her “long-standing friend and colleague” and said she was “deeply sorry” to lose him from Government.
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