Senior Conservatives are holding talks about replacing Liz Truss with a joint ticket of Rishi Sunak and Penny Mordaunt as part of a “coronation” by MPs, according to The Times. Liz Truss is on the cusp of putting up corporation tax as part of a Downing Street plan to back down from the huge package of unfunded tax cuts in her mini-budget, sources claim. Kwarteng said he is “not going anywhere”. The chancellor earlier said his “total focus is on delivering on the mini-budget” in response to speculation about a U-turn on the measures. In response to a question about how markets “have improved today because they think you’re about to do a U-turn on corporation tax”, Kwarteng said: “Let’s see.” The chancellor told the Telegraph that ensuring corporation tax stayed “competitive” remained a “great idea”, but did not rule out increasing the current 19% rate. Kwasi Kwarteng’s response was “let’s see” when grilled about an imminent U-turn on his flagship cut to corporation tax. 22.47 BST A summary of today’s developments
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