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| This is difficult, Liz Truss admits after major U-turn | This is difficult, Liz Truss admits after major U-turn |
| (32 minutes later) | |
| Prime Minister Liz Truss vowed to deliver her economic agenda despite U-turning on one of her main policies | Prime Minister Liz Truss vowed to deliver her economic agenda despite U-turning on one of her main policies |
| Liz Truss has described sacking her chancellor and junking a major economic policy after just 39 days as prime minister as "difficult". | Liz Truss has described sacking her chancellor and junking a major economic policy after just 39 days as prime minister as "difficult". |
| In a brief statement after a day of turmoil, she reversed planned cuts to business tax aimed at boosting growth. | In a brief statement after a day of turmoil, she reversed planned cuts to business tax aimed at boosting growth. |
| She admitted "parts of our mini-budget went further and faster" than the markets were expecting. | She admitted "parts of our mini-budget went further and faster" than the markets were expecting. |
| But she insisted she would stay on as PM to see through her "mission" to get the economy growing. | But she insisted she would stay on as PM to see through her "mission" to get the economy growing. |
| "I'm absolutely determined to see through what I promised - to deliver a higher growth, more prosperous United Kingdom to see us though the storm we face," Ms Truss said. | "I'm absolutely determined to see through what I promised - to deliver a higher growth, more prosperous United Kingdom to see us though the storm we face," Ms Truss said. |
| The 10-minute news conference came after a dramatic day in which the prime minister fired Kwasi Kwarteng as chancellor after he returned early from a US summit. | The 10-minute news conference came after a dramatic day in which the prime minister fired Kwasi Kwarteng as chancellor after he returned early from a US summit. |
| Live updates: Truss confirms new tax U-turn | |
| PM's vision was right, says sacked chancellor Kwasi Kwarteng | |
| Markets react as Truss announces new tax U-turn | |
| The prime minister has appointed former Health Secretary Jeremy Hunt - who backed Rishi Sunak in the Tory leadership contest - as the new chancellor. | The prime minister has appointed former Health Secretary Jeremy Hunt - who backed Rishi Sunak in the Tory leadership contest - as the new chancellor. |
| Ms Truss said her new chancellor shared her vision for the country and would deliver her economic plan. | |
| Admitting "we need to act now to reassure the markets", Ms Truss reversed a key policy to scrap the planned rise in corporation tax from 19% to 25%. | |
| The decision is the second major U-turn on the mini-budget after Ms Truss cancelled her plan to scrap the top rate of income tax earlier this month. | |
| In office for 39 days, Ms Truss won the Conservative Party leadership last month last month after promising to slash taxes and deregulate the economy in a bid to "get Britain moving". | |
| On 23 September, Mr Kwarteng unveiled a so-called mini-budget to deliver the prime minister's vision, announcing the biggest package of tax cuts in decades. | |
| But the mini-budget spooked financial markets and sparked a revolt among Tory MPs, who urged the prime minister to drop parts of her economic plan to shore up the UK's finances. |