Liz Truss has U-turned on her policy to block a planned rise in the rate of corporation tax. Speaking at a press conference in Downing Street, the PM said: “Parts of our mini budget went further and faster than markets were expecting...we will do whatever is necessary to ensure debt is falling as a percentage of GDP.”
The pound wobbled after Downing Street confirmed Kwasi Kwarteng had been sacked as chancellor. “The economic environment has changed rapidly since we set out the Growth Plan on 23 September,” the MP for Spelthorne wrote in a letter to Liz Truss published on Twitter.
The FTSE 100 index added more than 20 points today, aided by last night’s turnaround on Wall Street after hot inflation figures had earlier boosted interest rate rise expectations.
