Liz Truss reverses her policy on corporation tax

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Liz Truss held a press conference in Downing Street on Friday afternoon following the Chancellor’s departure from office but argued the “mission remains the same” when pressed on whether her resignation may follow. 

Ms Truss told the press conference: “My priority is making sure we deliver the economic stability that our country needs.

“That’s why I had to take the difficult decisions I’ve taken today.

“The mission remains the same. We do need to raise our country’s economic growth levels. We do need to deliver for people across the country. We’re committed to delivering on the energy price guarantee which people are already seeing in their bills.

“But ultimately, we also need to make sure that we have economic stability, and I have to act in the national interest as Prime Minister.”

Insisting she is “determined to deliver” on her campaign pledges, Liz Truss declined to apologise for the political turbulence in the wake of her economic policies.

Asked if she would apologise to her party, Ms Truss told reporters at Downing Street: “I am determined to deliver on what I set out when I campaigned to be party leader.

“We need to have a high-growth economy but we have to recognise that we are facing very difficult issues as a country.

“And it was right, in the national interest, that I made the decisions I’ve made today to restore that economic stability so we can deliver, first of all helping people through this winter and next winter with their energy bills, but also making sure that our country is on the long-term footing for sustainable economic growth.”

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It comes after Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a desperate bid to stay in power 

Mr Kwarteng said he had resigned at the Prime Minister’s request after being forced to rush back to London overnight from IMF meetings in Washington.

Truss, in power for only 37 days, then told a news conference she would now allow a key business levy to rise from next year, raising 18 billion pounds, as she accepted she had gone “further and faster” than markets had been expecting.

“We need to act now to reassure the markets of our fiscal discipline,” she said.

Ms Truss appointed Jeremy Hunt, a former foreign and health secretary, the new Chancellor.

“You have asked me to stand aside as your Chancellor. I have accepted,” Mr Kwarteng said in his resignation letter to Truss, which he published on Twitter.

She said in response: “As a long-standing friend and colleague. I am deeply sorry to lose you from the government.

“We share the same vision.”

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