Another U-turn looms – how much will it save and what else could the chancellor ditch?

Kwasi Kwarteng appears cheerful at the IMF meeting in Washington on Thursday, but colleagues in London were discussing a further U-turn over the mini-budget. Photograph: Simon Walker/HM Treasury

Liz Truss is on the verge of reversing one of the last major pillars of her chancellor’s disastrous September mini-budget.

While Kwasi Kwarteng mingles with finance ministers at the International Monetary Fund gathering in Washington DC, discussions are taking place in London that would see the promise to freeze corporation tax rates binned. There is also speculation about dropping smaller measures including a more generous tax treatment of share dividends. These U-turns would come hard on the heels of the humiliating climbdown on Kwarteng’s promise to scrap the 45p top rate of tax.