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| Liz Truss to make statement amid U-turn speculation | Liz Truss to make statement amid U-turn speculation |
| (30 minutes later) | |
| Prime Minister Liz Truss will give a press conference after days of market and political turmoil | Prime Minister Liz Truss will give a press conference after days of market and political turmoil |
| Prime Minister Liz Truss will hold a press conference later, amid speculation she is going to announce a U-turn on plans to cut business taxes. | Prime Minister Liz Truss will hold a press conference later, amid speculation she is going to announce a U-turn on plans to cut business taxes. |
| Chancellor Kwasi Kwarteng has flown back early from a US trip for urgent talks with the PM. | Chancellor Kwasi Kwarteng has flown back early from a US trip for urgent talks with the PM. |
| The chancellor will not be at the prime minister's side when she makes her statement in Downing Street. | The chancellor will not be at the prime minister's side when she makes her statement in Downing Street. |
| Ditching a planned rise in corporation tax rise was central to Ms Truss's Tory leadership pitch. | Ditching a planned rise in corporation tax rise was central to Ms Truss's Tory leadership pitch. |
| A Downing Street source told the BBC they were not commenting on a Times report which said the chancellor was due to be sacked. | |
| It comes after the government's mini-budget spooked the markets and sparked a revolt among Tory MPs. | It comes after the government's mini-budget spooked the markets and sparked a revolt among Tory MPs. |
| For days, Ms Truss has faced calls to drop parts or all of her economic plan to calm market turbulence and reassure her party. | For days, Ms Truss has faced calls to drop parts or all of her economic plan to calm market turbulence and reassure her party. |
| Ms Truss has already U-turned on her plan to scrap the top rate of income tax and some Tory MPs believe another change of course is inevitable. | Ms Truss has already U-turned on her plan to scrap the top rate of income tax and some Tory MPs believe another change of course is inevitable. |
| A further U-turn is likely to seen as a blow to Ms Truss's political authority only 39 days after she became prime minister. | A further U-turn is likely to seen as a blow to Ms Truss's political authority only 39 days after she became prime minister. |
| Live updates: Chancellor to return for crunch talks | |
| Chris Mason: Can Liz Truss salvage her premiership? | |
| Pound rises on talk of mini-budget U-turn | |
| What was in the mini-budget and what has changed? | |
| Ms Truss's pledge to cut taxes was at the heart of the economic agenda that won her the Tory leadership at the start of September. | |
| The mini-budget - announced by Mr Kwarteng on 23 September - included £45bn of tax cuts and an energy package worth an £60bn over six months, partly funded by borrowing. | |
| There were few details on how the government would fund the package, which left financial markets reeling, sent the pound plummeting, and forced the Bank of England to bail out pensions funds. | |
| The chancellor was due to make a financial statement on 31 October, but it is unclear whether that will change. |