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| Kwasi Kwarteng: I'm not going anywhere, says chancellor | Kwasi Kwarteng: I'm not going anywhere, says chancellor |
| (4 months later) | |
| Watch: I am not going anywhere - Kwasi Kwarteng | Watch: I am not going anywhere - Kwasi Kwarteng |
| Watch: I am not going anywhere - Kwasi Kwarteng | Watch: I am not going anywhere - Kwasi Kwarteng |
| Chancellor Kwasi Kwarteng has insisted he is "not going anywhere", despite the market turbulence he admitted was caused in part by his policies. | Chancellor Kwasi Kwarteng has insisted he is "not going anywhere", despite the market turbulence he admitted was caused in part by his policies. |
| Asked if he and PM Liz Truss would still be in their jobs this time next month, he said: "Absolutely, 100%." | Asked if he and PM Liz Truss would still be in their jobs this time next month, he said: "Absolutely, 100%." |
| Mr Kwarteng also sidestepped questions about whether he would U-turn on parts of his mini-budget, saying: "Our position hasn't changed." | Mr Kwarteng also sidestepped questions about whether he would U-turn on parts of his mini-budget, saying: "Our position hasn't changed." |
| He is facing growing calls from Tory MPs to rethink his tax-cutting package. | He is facing growing calls from Tory MPs to rethink his tax-cutting package. |
| Discussions are under way between the prime minister and backbenchers about what her party can accept. | Discussions are under way between the prime minister and backbenchers about what her party can accept. |
| The mood among Tory MPs is angry and fatalistic. "It's checkmate, we're screwed," one told the BBC. | The mood among Tory MPs is angry and fatalistic. "It's checkmate, we're screwed," one told the BBC. |
| "There is no question in my mind, they'll have to junk loads of this stuff and U-turn," another said. | "There is no question in my mind, they'll have to junk loads of this stuff and U-turn," another said. |
| Some think the government's tax-cutting plans should be reversed, while others think the help with energy bills should be more targeted. | Some think the government's tax-cutting plans should be reversed, while others think the help with energy bills should be more targeted. |
| Other scenarios being discussed by Tory MPs include the chancellor resigning or the prime minister being ousted. | Other scenarios being discussed by Tory MPs include the chancellor resigning or the prime minister being ousted. |
| However, there is little agreement on what should happen next or who should replace Ms Truss if she is removed. | However, there is little agreement on what should happen next or who should replace Ms Truss if she is removed. |
| Where are the other bits of government's growth plan? | Where are the other bits of government's growth plan? |
| What will the tax changes mean for you? | What will the tax changes mean for you? |
| The pitfalls lying ahead for an embattled PM | The pitfalls lying ahead for an embattled PM |
| The government has already U-turned on its plan to scrap the top rate of income tax, but this only made up £2bn of the tax cuts announced by the chancellor last month. | The government has already U-turned on its plan to scrap the top rate of income tax, but this only made up £2bn of the tax cuts announced by the chancellor last month. |
| He is under pressure to spell out how the remaining £43bn will be paid for, and how he will get the UK's national debt falling. | He is under pressure to spell out how the remaining £43bn will be paid for, and how he will get the UK's national debt falling. |
| Mr Kwarteng is due to deliver a statement on 31 October, along with independent economic forecasts. | Mr Kwarteng is due to deliver a statement on 31 October, along with independent economic forecasts. |
| Pressed on whether there could be further U-turns on his mini-budget, Mr Kwarteng, who is in Washington for an IMF meeting, said there would be more detail on 31 October. | Pressed on whether there could be further U-turns on his mini-budget, Mr Kwarteng, who is in Washington for an IMF meeting, said there would be more detail on 31 October. |
| Asked about the possibility corporation tax could rise, Mr Kwarteng said he was "totally focused" on delivering his mini-budget. | Asked about the possibility corporation tax could rise, Mr Kwarteng said he was "totally focused" on delivering his mini-budget. |
| Ms Truss has pledged to scrap a planned rise to the tax, which was set to increase from 19% to 25% in 2023. | Ms Truss has pledged to scrap a planned rise to the tax, which was set to increase from 19% to 25% in 2023. |
| On Wednesday, she said it would be "wrong" to raise corporation tax "when we are trying to attract investment into our country at a time of global economic slowdown". | On Wednesday, she said it would be "wrong" to raise corporation tax "when we are trying to attract investment into our country at a time of global economic slowdown". |
| In an interview with Sky News, former Home Secretary Priti Patel said the market would now "dictate" the prime minister's decision on corporation tax "primarily because we want to see stability". | In an interview with Sky News, former Home Secretary Priti Patel said the market would now "dictate" the prime minister's decision on corporation tax "primarily because we want to see stability". |
| The pound rose against the dollar as rumours emerged about a possible government U-turn. | The pound rose against the dollar as rumours emerged about a possible government U-turn. |
| However, it later fell back after stronger-than-expected inflation data from the US drove up the value of the dollar. | However, it later fell back after stronger-than-expected inflation data from the US drove up the value of the dollar. |
| In an interview in the Daily Telegraph, when asked about the market response to the speculation of a U-turn on corporation tax, Mr Kwarteng said: "Let's see." | In an interview in the Daily Telegraph, when asked about the market response to the speculation of a U-turn on corporation tax, Mr Kwarteng said: "Let's see." |
| However, he added that he still thought ensuring "competitive" tax rates for businesses was a "great idea". | However, he added that he still thought ensuring "competitive" tax rates for businesses was a "great idea". |
| The chancellor's mini-budget on 23 September has caused turmoil in the financial markets and prompted the Bank of England to intervene to protect pension funds. | The chancellor's mini-budget on 23 September has caused turmoil in the financial markets and prompted the Bank of England to intervene to protect pension funds. |
| Mr Kwarteng acknowledged there was "some turbulence" after his mini-budget but said there was "a very dicey situation globally", with inflation, potential interest rate rises and energy price spikes affecting everybody. | Mr Kwarteng acknowledged there was "some turbulence" after his mini-budget but said there was "a very dicey situation globally", with inflation, potential interest rate rises and energy price spikes affecting everybody. |
| Related Topics | |
| Liz Truss | |
| UK economy | |
| Kwasi Kwarteng |