The Latest Breaking News from Tax Cuts

Liz Truss has U-turned on her policy to block a planned rise in the rate of corporation tax. Speaking at a press conference in Downing Street, the PM said: “Parts of our mini budget went further and faster than markets were expecting...we will do whatever is necessary to ensure debt…

PM to make announcement after days of pressure from backbenchers

Advocates say it should be a ‘source of great shame’ that one in eight people live in poverty in such a wealthy country

Liz Truss has reduced the Tories to a failed revolutionary faction staring into a £62bn black hole, says the Guardian columnist Polly Toynbee

Deputy Liberal leader Sussan Ley attacked new teal MPs for opposing the stage-three tax cuts for high-income earners.

An attempt to win over mutinous MPs at a meeting of the 1922 Committee reportedly failed

The Prime Minister was accused of “trashing the last 10 years” of the Tories’ record at a meeting with backbenchers

Below-inflation rise would save exchequer tenth of £40bn to be given out through tax cuts, says thinktank

Treasurer Jim Chalmers acknowledges the "deteriorating global economy and rising inflation" would put pressure on his upcoming budget, ruling out changes to legislated stage 3 tax cuts.

The Prime Minister is in a crisis entirely of her own making and deserves no sympathy - she must ditch her unfunded tax cuts for the wealthy and swallow her pride

Critics believe the Prime Minister has three options: U-turn and cut spending, U-turn on tax cuts, or keep going and drive the economy off a cliff. Some of the answers may lie in the detail