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Truss defends her low tax agenda as she makes major U-turn and sacks Chancellor

Admitting she had to change course, she reversed a key policy to scrap the planned rise in corporation tax from 19% to 25%.

14 October 2022

Prime Minister Liz Truss vowed to see through her low-tax agenda as she announced a major U-turn after sacking Kwasi Kwarteng as Chancellor.

The Prime Minister said her mission remains the pursuit of a “low-tax, high-wage, high-growth economy” but accepted parts of the mini-budget last month went “further and faster” than markets had expected.

Admitting she had to change course, she reversed a key policy to scrap the planned rise in corporation tax from 19% to 25%.

Speaking at a hastily-arranged Downing Street press conference, she said: “It is clear that parts of our mini-budget went further and faster than markets were expecting so the way we are delivering our mission right now has to change.”

But asked whether she should resign, Ms Truss said: “I am absolutely determined to see through what I have promised.”

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