The Prime Minister is understood to be looking at increasing corporation tax next year in a bid to calm the markets after Kwasi Kwarteng’s raft of unfunded tax cuts spooked the financial markets
that Mr Kwarteng is on “very, very thin ice”, due to the impact his mini-Budget has had on the financial markets in recent weeks.
Downing Street said “work is ongoing between the Chancellor and the Prime Minister, as you’d expect, ahead of the medium-term fiscal plan” but a spokeswoman refused to be drawn on the nature of the discussions or the possible scrapping of the corporation tax commitment. Treasury officials said Mr Kwarteng’s deputy attended the meeting, as often happened with Chancellors atA Treasury source insisted there were no plans for the Chancellor to return early from the IMF, amid speculation that he was being hauled back to the UK to deal with the chaos., with many now believing Ms Truss will be forced to row back on the plans as it is already priced into the markets.
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