Liz Truss press conference: Live updates as Prime Minister addresses mini Budget chaos

Prime Minister Liz Truss is holding a press conference on Friday amid ongoing turmoil following the mini-budget. Downing Street made the announcement just hours after Chancellor Kwasi Kwarteng has scrapped a number of key meetings to fly back early from America. The Times Political Editor has tweeted that Mr Kwarteng has been sacked.

There have been days of open revolt among Tory MPs and it appears another U-turn is on the cards. Liz Truss is expected to scrap parts of her mini-budget amid growing pressure on the Prime Minister to rescue her administration.

The Prime Minister’s key pledge to scrap the planned increase in corporation tax from 19% to 25% is widely seen as a likely casualty in the coming days, as Ms Truss seeks to save her embattled premiership.

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