Truss U-turns on her plans to scrap the rise in corporation tax

Liz Truss has u-turned on her plans to scrap the rise in corporation tax, in the controversial “mini-budget”, after she sacked Kwasi Kwarteng. Since the mini-budget was announced two weeks ago, the cost of government borrowing has soared plummeting the value of the Pound Sterling.

Liz Truss told the Downing Street press conference on Friday afternoon: ” We need to act now to reassure the markets of our fiscal discipline”.

She confirmed she had “decided to keep the increase in corporation tax that was planned by the previous government, this will raise £18 billion per year. I have acted decisively today because my priority is ensuring our country’s economic stability. I am absolutely determined to see through what I’ve promised to deliver higher growth, a more prosperous the United Kingdom. To see us through the storm we face. We’ve already delivered “.

Truss doubled down on her ambitions for growth and aims to “deliver a low tax, high wage, as global economic conditions are worsening due to the continuation of Putin’s appalling war in Ukraine”.