‘Let’s see’: pressure builds for No 10 U-turn on corporation tax

Kwasi Kwarteng (right) with the Bank of England governor, Andrew Bailey, at the IMF meetings in Washington. Photograph: Simon Walker/HM Treasury

The clamour among Conservative MPs for a third U-turn by Liz Truss started the same as the others: one MP begins as an outrider, backed by some party veterans or ex-cabinet ministers, and the question catches alight across broadcasters who ask every MP they see. Soon enough, it is received wisdom.

Most MPs who are squeamish about deposing their third prime minister had hoped that they would see change in the markets and contrition from No 10 and 11 after the U-turn on the 45p rate. Over the course of the past week, it has been clear to them that will not happen.