Mini-budget U-turn on the table as pressure mounts
By Faisal Islam, economics editor in Washington DC, Chris Mason, political editor, & Becky Morton, political reporterChancellor Kwasi Kwarteng has cut short his visit to the US for urgent talks in Downing Street, with a U-turn over the mini-budget on the table.
Reports on Thursday suggested the government was looking at which parts of its tax-cutting plans to ditch. The continuing turmoil prompted an intervention from the Bank of England, which involved buying government bonds to stabilise their value.Mr Kwarteng had been in Washington DC for a meeting of global finance ministers.
The tense atmosphere in Westminster was apparent as the BBC spoke to dozens of sources across Parliament and the government."There is no question in my mind, they'll have to junk loads of this stuff and U-turn," another said.Image caption,On Thursday, he said he was "not going anywhere" - when asked if he and Ms Truss would still be in their jobs this time next month, he said: "Absolutely, 100%.
Some Tory MPs think the government's tax-cutting plans should be reversed, while others believe the help with energy bills should be more targeted.
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