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PM to hold press conference this afternoon
Downing Street has just announced that Liz Truss will hold a press conference later today.
The prime minister and chancellor are expected to confirm today that they will U-turn on the plan to freeze corporation tax, the Guardian’s Pippa Crerar writes.
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Liz Truss is expected to announce at this afternoon’s press conference at 2pmt that corporation tax will rise to 25% from 19% this spring, the Telegraph is reporting.
BREAKING
Corporation Tax will rise to 25 per cent this spring, Liz Truss will announce at a 2pm press conference today.
The about-turn means she is abandoning one of the flagship tax cut promises from her Tory leadership campaign. https://t.co/SGIctRoC0f— Christopher Hope📝 (@christopherhope) October 14, 2022
Sources told the Guardian yesterday that a potential climbdown could involve putting it up by just one or two percentage points, rather than the former chancellor Rishi Sunak’s full 6%.
The chancellor, Kwasi Kwarteng, will not be standing next to the prime minister, Liz Truss, when she gives her press conference this afternoon, Sky News is reporting.
Sources have said “it looks as if the deal has been done”.
PM to hold press conference this afternoon
Downing Street has just announced that Liz Truss will hold a press conference later today.
The prime minister and chancellor are expected to confirm today that they will U-turn on the plan to freeze corporation tax, the Guardian’s Pippa Crerar writes.
Liz Truss plans to reverse parts of her mini-budget later today, according to reports.
An announcement is expected today on the reversal of some of the government’s fiscal plans, news outlets are quoting a person familiar with the matter.
Jane Merrick from the i points out that the flight that Kwasi Kwarteng was on performed several U-turns before landing at Heathrow, perhaps in a sign of things to come.
The flight on which Kwasi Kwarteng was travelling from Washington has now landed at Heathrow Airport.
The Guardian’s Jim Waterson has the video.
world exclusive footage of the chancellor of exchequer’s flight home to financial armageddon
(all rights reserved, who needs a skycopter, take that BigJetTV) pic.twitter.com/d2nKakbUxu
— Jim Waterson (@jimwaterson) October 14, 2022
Kwarteng is expected to head straight to Westminster for crisis talks on his mini-Budget.
That Ipsos poll we discussed earlier also shows Liz Truss has the lowest level of satisfaction with the public ever recorded for a UK prime minister.
The poll shows 16% of adults are satisfied with Truss as prime minister, down 11 points on last month. Her net satisfaction score of -51 is worse than the lowest scores for Boris Johnson (-46), Theresa May (-44), David Cameron (-38) and Tony Blair (-44).
NEW NUMBERS: 🚨
Liz Truss has the lowest level of satisfaction with the public *ever recorded* for a British Prime Minister with @IpsosUK
16% satisfied
67% dissatisfied(John Major briefly dipped to 17% in August 1994)
— Tom Lubbock (@tmlbk) October 14, 2022
Jason Rodrigues
Beleaguered chancellor Kwasi Kwarteng’s sudden return to London recalls the troubles faced by prime minister James Callaghan in January 1979. Conservative MP Simon Hoare this morning wrote on Twitter, “‘Crisis? What crisis’ springs to mind”.
Back in 1979, Guardian reporters Ian Aitken and Michael White covered the then-PM’s return from his summit in the Caribbean. Weighed down by huge global problems, Callaghan told reporters at Heathrow “I don’t think other people in the world would share the view that there is mounting chaos.”
That quote, White later said, was ignored by The Sun: “The tabloid then in the early stages of its predatory career as political assassin, famously translated that as “Crisis, what crisis?” – a quote that would haunt him for the rest of his life.
Kwasi Kwarteng has hit a record low of nearly 50 years for chancellors after his mini-budget mayhem, according to a new poll.
The Ipsos survey for the Evening Standard showed 65% of respondents are dissatisfied with him, and just 12% said they are satisfied.
The figures give Kwarteng a net rating of -53 just over a month into the job.
Truss ‘cancels constituency meetings to stay in No 10’
The BBC is reporting that the prime minister, Liz Truss, has cancelled a series of meetings in her constituency to stay in London and concentrate on the crisis surrounding her mini-budget.
My colleague @andrewpolitics understands Liz Truss has cancelled planned meetings in her South West Norfolk constituency today and will stay in Downing Street to focus on the crisis surrounding the not-so-mini-budget, with the Chancellor heading back from Washington DC.
— Peter Saull (@petesaull) October 14, 2022
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