Liz Truss reverses plan to scrap rise in corporation tax in latest U-turn

The UK PM, Liz Truss, speaks at the press conference in Downing Street. Truss has bowed to intense pressure from Conservative MPs and the markets by scrapping her signature corporation tax cut from the government’s mini-budget.

She says it is clear that parts of her government’s mini-budget “went further and faster than markets were expected”. So the way we are delivering our mission right now has to change. We need to act now to reassure the markets of our fiscal discipline.

I have therefore decided to keep the increase in corporation tax tat was planned by the previous government.