Watch in full: Liz Truss confirms mini-Budget U-turn as Jeremy Hunt named chancellor

Liz Truss announced that corporation tax will rise from 19 per cent to 25 per cent next year in a major mini-Budget U-turn, as she held a No 10 press conference on Friday afternoon.

The prime minister admitted that her radical agenda had spooked the financial markets amid weeks of economic turmoil, and took questions from the press after sacking Kwasi Kwarteng earlier in the day.

Ms Truss also confirmed that Jeremy Hunt has been named as the new chancellor.

“He shares my convictions and ambitions for our country,” she said of her new ally.

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