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Daily Mirror
Daily Mirror
Politics
Dave Burke

Defiant Chancellor Kwasi Kwarteng says he's 'going nowhere' as Tory mutiny grows

Defiant Kwasi Kwarteng today said he is going nowhere - despite a growing Tory mutiny over his disastrous mini-budget.

The Chancellor, who was asked if he would have to quit if there were more U-turns, this afternoon said he is "not going anywhere".

Despite admitting there has been "some turbulence", he maintained neither he nor PM Liz Truss are set to be replaced, as a gaping chasm opens within the Tory party over his financial plans.

Ms Truss is rumoured to be eyeing up a colossal Budget U-turn over her flagship vow to slash corporation tax, with the £19bn proposal said to be under discussion in frantic Downing Street meetings.

Mr Kwarteng, however, maintained he is here to stay and said the government's position "has not changed".

Asked if he and the PM would still be in post next week, the Chancellor responded: "Absolutely 100%, I'm not going anywhere."

He added this afternoon: "I am totally focused on the growth agenda.

Kwasi Kwarteng said he and Liz Truss will "100%" be in post next week (Sky news)

"I am totally focused on making sure that people are helped with their energy bills, that the energy price guarantee is understood, that the scale of our intervention... is understood and that we can actually deliver this country a path, get us on a trajectory, to growing the economy so everyone benefits."

Mr Kwarteng insisted there were no plans for further changes to the package - but financial markets appear to be expecting moves to ditch some of the tax cuts.

Mr Kwarteng, in Washington for the International Monetary Fund's annual meeting, was repeatedly asked about the prospect of a U-turn.

He insisted "our position hasn't changed", adding: "I will come up with the medium-term fiscal plan on October 31, as I said earlier in the week, and there will be more detail then."

Asked if a corporation tax U-turn was on the cards, he said: "What I'm totally focused on is delivering on the mini-budget."

He told broadcasters: "I speak to No 10, I speak to the Prime Minister all the time. We are totally focused on delivering the growth plan."

He said he and the Prime Minister are not on the brink of being replaced (via REUTERS)

Ms Truss's position is looking increasingly precarious after backbenchers made their anger felt at a difficult meeting yesterday.

Tory anger spiralled last night after Ms Truss claimed she would not cut spending to pay for her plans, leaving a £60bn black hole.

She faced what has been described as a "machine-gun" of questions - with one MP, Rob Halfon, saying she had trashed 10 years of working class Conservatism.

A crestfallen Tory MP told the Mirror that Liz Truss’s “authority is seeping away in front of us” and she could be forced from power. The MP branded the mini-Budget "absolutely catastrophic".

Former chancellor George Osborne said Mr Kwarteng should not delay until his October 31 statement before making the "inevitable" U-turn on his plans.

"Given the pain being caused to the real economy by the financial turbulence, it's not clear why it is in anyone's interests to wait 18 more days," he said.

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