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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 WATCH: Liz Truss takes questions from journalists in full
Liz Truss has described sacking her chancellor and junking a major economic policy after just 39 days as prime minister as "difficult". WATCH: Liz Truss takes questions from journalists in full
Liz Truss has described sacking her chancellor and scrapping 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 eight-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.
Some Tory MPs have been calling for the prime minister to resign following the news conference, which one senior backbencher branded "a mega disaster".
The Liberal Democrats and the SNP have called for a general election, while shadow chancellor Rachel Reeves said a new government led by Labour is "what this country needs".
But Ms Truss has ruled out a general election until 2024 and with the government's large majority in Parliament the opposition would find it very difficult to trigger one.
Live updates: Truss confirms new tax U-turnLive updates: Truss confirms new tax U-turn
PM's vision was right, says sacked chancellor Kwasi KwartengPM's vision was right, says sacked chancellor Kwasi Kwarteng
Markets react as Truss announces new tax U-turnMarkets 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. Ms Truss said her new chancellor shared her vision for the country and would deliver a statement on her economic plan at the end of this month.
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%. Admitting "we need to act now to reassure the markets", Ms Truss struck a solemn tone as she 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. She said the move should raise £18bn a year in tax revenue for the government and act as a "down payment" on her economic plan.
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". "I want to be honest, this is difficult," Ms Truss said. "But we will get through this storm."
Following her statement, Ms Truss took questions from four journalists, all of whom asked her why she had not left office along with Mr Kwarteng.
She said she was "determined to see through what I've promised" before leaving abruptly, shocking some journalists who did not get a chance to ask questions.
The statement marks 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 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.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.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.
Prime Minister Liz Truss vowed to deliver her economic agenda despite U-turning on one of her main policies
Ms Truss's statement has intensified speculation about her future, with some Tory MPs sharing their thoughts with the BBC."She will have to resign," one senior backbencher said. "She is worse than Corbyn," referring to the former Labour leader.
One former cabinet minister said "we cannot go on like this indefinitely", adding the "electorate are not going to forgive us" if Tory MPs oust another prime minister.
One of her supporters said "that was the worst press conference I have seen in a decade and a half".
Another MP, who voted for Ms Truss in the leadership election, said "I had my hands over my eyes" during the speech.
There has been muted reaction among Ms Truss's supporters so far.
But members of Ms Truss's cabinet have been tweeting support for her and the new chancellor, Mr Hunt.
Former chancellor Nadhim Zahawi tweeted: "It's time to get Britain moving. We are determined to grow the economy, eliminate the Covid backlog and protect people from Putin's energy warfare."
In a tweet, Deputy Prime Minister Therese Coffey - a close ally of Ms Truss - said the PM was "right to act now to ensure our country's economic stability".
Earlier, Tory MP John Redwood urged his Conservative colleagues to "calm down" and give the PM "every support".