The Latest Breaking News from Chris Philp

PM makes second climbdown and sacks chancellor after package of unfunded tax cuts sent the pound tumbling

Liz Truss tore up the mini budget with an £18 billion corporation tax U-turn after sacking Kwasi Kwarteng as Chancellor on Friday. The reversal came as the prime minister held a press conference after a tumultuous day where she sacked Mr Kwarteng, one of her closest allies, and appointed Jeremy…

U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

Chief secretary to the Treasury moved to Cabinet Office role

Tory moderate replaces Kwasi Kwarteng in bid to shore up support from MPs

Critics believe the Prime Minister has three options: U-turn and cut spending, U-turn on tax cuts, or keep going and drive the economy off a cliff. Some of the answers may lie in the detail

PM accused of ‘trashing’ Conservative values and a PMQs performance that was ‘just appalling’

PM leaves chamber to opposition cries of ‘more’ but barely a squeak from her own benches

Mel Stride, who chairs the influential Treasury Select Committee, says he is among those who expects Chancellor Kwasi Kwarteng will have to row back further when he announces full financial plans

LIZ Truss was jeered in the Commons after she told MPs that a General Election was the “last thing we need”.

The Treasury’s Chris Philp said the Government would offer further details on its spending plans on October 31.