Liz Truss admits mini-Budget plan ‘has to change’ as she announces major tax U-turn

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

The prime minister held a No 10 press conference on Friday afternoon after sacking Kwasi Kwarteng, where she admitted that her radical agenda had spooked the financial markets.

“The way we are delivering our mission has to change,” Ms Truss said, while insisting that she was committed to delivering a “high-growth economy”.

Jeremy Hunt has been named as the new chancellor.

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