Kwasi Kwarteng ‘to bring forward planned fiscal statement’ in another U-turn – as it happened

Guardian understands chancellor will make statement later this month, rather than in November as originally planned. This blog is now closed

• Tory MPs plot to avert welfare squeeze after humiliating U-turns

Q: Where does this leave your credibility?

Kwarteng says he has been in parliament for 12 years. He says ministers do sometimes change their minds.

I decided, along with the the prime minister, not to proceed [with the policy].