Breaking national news: Liz Truss to hold press conference today as mini-budget U-turn expected
Prime Minister Liz Truss is to hold a press conference amid speculation of a major U-turn on Chancellor Kwasi Kwarteng’s mini-budget.
Downing Street has confirmed Ms Truss will speak from No 10 later today . The Sun reports that the PM is likely to confirm that plans to scrap a rise in corporation tax next year will no longer go ahead.It is not yet known if Kwasi Kwarteng will be present at the briefing. It comes amid turmoil in the Tory Party and intense speculation he will have to dismantle key elements of his controversial mini-budget.
However, the situation remains precarious with the emergency support package put in place by the Bank of England to protect pension funds from collapse due to end on Friday. At Westminster, there were reports of fevered plotting among Tory MPs amid suggestions that Ms Truss’s two main rivals for the Tory leadership over the summer – Rishi Sunak and Penny Mordaunt – could be installed at the head of a new administration.
The commitment to scrap the planned increase in the levy on corporate profits from 19% to 25% is widely seen as likely to be the first element to go if the expected U-turn goes ahead. However it is unclear whether that would be enough to settle the markets, which have already “priced in” significant changes.
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