Kwasi Kwarteng news: Live updates as Liz Truss to give conference today and is ‘set to sack Chancellor ahead of U-turn’ | The Sun

KWASI Kwarteng "is to be sacked as Chancellor" before Liz Truss performs a U-turn on her mini-budget policies, reports have claimed.

The Chancellor boarded a plane back to London from Washington late last night, as speculation mounts he is preparing to abandon a flagship pledge to not raise Corporation Tax.

Liz Truss is reportedly lining up Kwasi Kwarteng to be the fall guy as she looks to reset her battered premiership just weeks into the job.

But according to a report by the Times, the Chancellor may be sacked as prime minister Liz Truss "prepares to reverse the mini-Budget".

However, the newspaper speculated it was "not clear who will be replacing him" and the Treasury has so far not commented on the report.

Read our Kwasi Kwarteng blog below for the latest updates…

  • Joseph Gamp

    Labour sticks the knife in over reported budget 'u-turn'

    Labour has now waded in on speculation of a major U-turn on Chancellor Kwasi Kwarteng's mini-budget.

    Shadow chancellor Rachel Reeves said: "A humiliating U-turn is necessary – but the real damage has already been done to millions of ordinary people now paying much higher mortgages and struggling to make ends meet.

    "This is a Tory crisis made in Downing Street. They have plunged our economy into chaos and crisis with Truss's discredited trickle down approach. It won't be forgiven or forgotten.

    "Only a Labour government has the credibility, authority and plan to fix things."

  • Joseph Gamp

    Lib Dems call for General Election amid reports Chancellor is sacked

    Liberal Democrat leader Sir Ed Davey has called for a general election in response to reports that Kwasi Kwarteng is being sacked as Chancellor.

    Mr Davey said: "This mustn't just be the end of Kwarteng's disastrous chancellorship, it should be the death knell of the Conservatives' reckless mismanagement of our economy. It didn't suddenly start with Kwarteng but it must end now.

    "People are angry, fed up and worried about the future. Most of all they are furious that Conservative MPs seem to think this is an acceptable way to conduct the government of our country in these difficult times.

    "Enough is enough. It started with Boris Johnson failing our country, and now Liz Truss has broken our economy, it is time for the people to have their say in a general election."

  • Joseph Gamp

    Pictured: Kwasi Kwarteng leaves Heathrow for Downing Street

    The Chancellor was earlier pictured at Heathrow, before making his way to central London.

    The Chancellor boarded a plane back to London from Washington late last night, as speculation mounts he is preparing to abandon a flagship pledge to not raise Corporation Tax.

    According to reports, Mr Kwarteng will be "sacked" from his post as Chancellor – and he will not be at Liz Truss' side when she gives a press conference later this afternoon.

    Chancellor of the Exchequer Kwasi Kwarteng leaves Heathrow Airport in London, Britain, October 14, 2022. REUTERS/Peter NichollsCredit: Reuters
  • Joseph Gamp

    Liz Truss press conference set for 2pm

    The Prime Minister will be holding a press conference at 2pm this afternoon.

    It comes amid speculation that she will U-turn on policies made in Kwasi Kwarteng's controversial mini-budget statement.

    Various sources are also reporting the Chancellor will be axed this from Government this afternoon.

  • Joseph Gamp

    Trade minister earlier insisted 'no plans' to change mini-budget

    Trade Minister Greg Hands this morning insisted there were "no plans" to change the mini-Budget and tried to play down the uncertainty.

    He told LBC: "The Prime Minister and the Chancellor are absolutely determined to stick to the growth plan, to stick to the changes they outlined.

    "There are absolutely no plans to change anything, except for the fact that there is going to be a medium-term fiscal plan."

  • Joseph Gamp

    PM likely to U-turn on plans to scrap Corporation Tax hike

     The PM is likely to abandon plans to scrap a rise in Corporation Tax from 19 to 25 per cent next year.

    Stopping the rise in Corporation Tax was a flagship pledge made by Ms Truss in the Conservative leadership election.

    Rebellious Tory MPs have been urging Ms Truss to row back on his £45billion tax spree to calm the jitters in the money markets.

    Mutinous MPs are emboldened after already forcing ministers to reverse plans to axe the top 45p rate of tax.

  • Joseph Gamp

    PM to hold solo press conference this afternoon

    Liz Truss will hold a solo press conference this afternoon where she is expected to u-turn on parts of her tax-cutting mini-Budget.

    And in a bid to recover from a tumultuous first five weeks she is considering firing Mr Kwarteng as Chancellor, The Times reports.

    Fewer than 24 hours ago Mr Kwarteng insisted in an ill-fated interview he was "absolutely going nowhere".

  • Joseph Gamp

    Kwasi Kwarteng arrives at Number 10

    Kwasi Kwarteng has reached Prime Minister Liz Truss's Downing Street office, according to a Reuters photographer.

    It comes amid reports the government will roll back planned tax cuts and Kwarteng could be sacked. 

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