Liz Truss has performed a humiliating U-turn over her flagship plan to cut corporation tax, as she insisted she would hang on as prime minister despite being forced to sack her chancellor, Kwasi Kwarteng, over the government’s disastrous mini-budget.
At a hastily called and notably brief Downing Street press conference, soon after she replaced Kwarteng with Jeremy Hunt, a notably subdued Truss told reporters that parts of the mini-budget “went further and faster than markets were expecting”.
