Liz Truss to raise corporation tax in another humiliating U-turn

PM makes second climbdown and sacks chancellor after package of unfunded tax cuts sent the pound tumbling

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Liz Truss has performed a humiliating U-turn over her flagship plan to cut corporation tax, as she grimly insisted she would hang on as prime minister despite being forced to sack her chancellor, Kwasi Kwarteng, over the government's disastrous mini-budget.

At a hastily called and notably brief Downing Street press conference, soon after she replaced Kwarteng with Jeremy Hunt, a notably subdued-looking Truss told reporters that parts of the mini-budget went further and faster than markets were expecting".