UK PM Truss to announce U-turn on budget and replace Kwarteng – The Times

Political Editor for The Times, Steven Swinford, tweeted on Friday that British Prime Minister Liz Truss was planning to announce plans to raise corporation tax. In a follow-up tweet, Swinford also said that PM Truss was looking to sack Finance Minister Kwasi Kwartend but added it wasn't clear who would be replacing him. 

"The chancellor is due to meet the prime minister shortly to confirm the U-turn, with discussions under way in No 10 and No 11 before a public statement by the prime minister," Swinford wrote in an article.

A spokesperson for Truss refrained from commenting on these developments.

Market reaction

The GBP/USD pair recovered from daily lows and was last seen trading at 1.1270, where it was still down 0.5% on the day.