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The Independent UK
The Independent UK
National
Adam Forrest

Liz Truss U-turns on corporation tax and admits her plan ‘has to change’

Liz Truss Jeremy Hunt Kwasi Kwarteng
AFP/Getty

Liz Truss has announced that corporation tax will rise from 19 per cent to 25 per cent next year in a major U-turn on her tax-cutting mini-Budget.

The prime minister admitted at a No 10 press conference that her radical agenda had spooked the financial markets, saying her borrowing-fuelled plan “went further and faster than markets were expecting”.

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