TRUSS FACES CALLS FOR ANOTHER U-TURN

NOW IS NOT THE TIME FOR A CHANGE OF LEADER, CLEVERLY TELLS TORY REBELS | ‘Chancellor’s Halloween statement is how crucial to restore confidence in finances’

- Nicholas Cecil, Rachael Burford, Jonathan Prynn and David Bond

LIZ TRUSS came under growing pressure today to tear up more of the mini-budget to quell market turmoil or risk a major revolt by Tory MPs.

Senior Conservative MPs said that Kwasi Kwarteng’s new fiscal statement in just 18 days’ time was now absolutely crucial.

The Chancellor was facing calls to take a scalpel to his mini-budget of September 23 to end the economic mayhem it had sparked.

Amida febrile atmosphere at Westminster, Cabinet minister James Cleverly repeatedly refused to rule out another U-turn, this time over Mr Kwarteng’s decision to ditch the previously planned increase in corporation tax from 19p to 25p next April.

He also told rebel MPs not to seek to topple Ms Truss, a warning believed to be unprecedented given the Prime Minister has only been in No10 for 38 days.

The Bank of England’s emergency intervention, to ensure financial stability in Britain by stopping the rout in the gilts markets, ends tomorrow.

The gilts markets were calmer today, with yield on the 30-year gilt down 20 basis points at 4.619 per cent, while the 10-year gilt was yielding 4.245 per cent, down around 15 basis points.

The focus of MPs, though, was on how Mr Kwarteng will restore confidence in the public finances, especially after Ms Truss ruled out public spending reductions.