Kwasi Kwarteng says he's not resigning as Chancellor despite 'inevitable' U-turn reports

KWASI Kwarteng appeared not to rule out a U-turn on corporation tax amid growing pressure to abandon more elements of the mini-budget that have caused market turmoil.

Earlier, the Chancellor said he was “totally focused” on delivering the tax-cutting plans, which are aimed at increasing UK economic growth.

But in comments to the Telegraph newspaper, when asked about the expectation from financial markets that the Government could ditch the plan not to increase corporation tax in order to demonstrate a commitment to balancing the books, he reportedly said: “Let’s see.”