![]() ![]() And we will deliver the strong and sustained growth that can transform the prosperity of our country for generations to come."ĭespite the U-turn, the prime minister pledged to see through her low-tax agenda, saying her mission remains the pursuit of a "low-tax, high-wage, high-growth economy".įormer chancellor of the exchequer Kwasi Kwarteng (L) and UK prime minister Liz Truss. Truss confirmed that "parts of our mini-budget went further and faster than markets were expecting", adding that the government needs to "act now to reassure the markets of our fiscal discipline."Īlthough she ruled out resigning, she said: "I want to be honest, this is difficult, but we will get through this storm. ![]() How record high US inflation can hit UK markets, the pound, and 'Trussonomics' Read more: Liz Truss reverses plan to scrap rise in corporation tax in another U-turn ![]() The corporation tax cut was the heart of Truss's Tory leadership manifesto, and backtracking on it could put her premiership in trouble as she tries to hang on to her job after three weeks of turmoil in financial markets. The move was originally planned by former chancellor Rishi Sunak under Boris Johnson's government. Truss said that the reversal will raise £18bn a year. It had been due to go up before cuts were announced as part of the mini-budget last month. Corporation tax will now rise from 19% to 25% this Spring.
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