The Latest Breaking News from Liz Truss

Chancellor Kwasi Kwarteng has defended his rapid tax cut U-turn on the first main day of the Conservative Conference, saying he was influenced to scrap the policy after listening to MPs and people up and down the country.

From a strictly fiscal perspective, the government’s decision to U-turn on the cut to the 45p top rate of income tax is essentially meaningless. What was a £45 billion tax-cutting budget that sunk the pound, set off gilts and required an emergency intervention by the Bank of England is now…

It was a mini-budget with a major impact. Shortly after the UK chancellor announced his plans for a “new era” full of tax cuts, there were dramatic falls in the pound, a nervous response from mortgage lenders and an urgent intervention from the Bank of England.

Michael Heseltine says Brexit will be ’high on the agenda’ if Liz Truss loses general election