UK Chancellor Kwasi Kwarteng cuts short US trip for urgent talks on mini-budget in Downing Street. Read more

UK Chancellor Kwasi Kwarteng met with global finance ministers at the IMF's annual meeting. According to a source close to him, the Chancellor is keen to discuss the financial plans with both government colleagues and MPs as he is returning to the UK early.

Last month, he offered £45bn of tax cuts, funded by borrowing, which spooked financial markets and caused the pound to plunge. He cancelled plans to cut the top income tax rate, which accounted for just £2 bn of the package.




However, the Bank of England intervened to stabilize the value of government bonds due to continuing market turmoil. They announced on Friday they would withdraw that program of emergency support. Despite this, the pound has rallied in value following speculation in Westminster that another U-turn is imminent. Government officials are rumoured to reverse their decision to scrap a planned rise in corporation tax. It was a central promise of UK PM Liz Truss's leadership campaign that she would abandon the rise to the tax in 2023, which had risen from 19% to 25%.

Frequently Asked Questions:

1: What is UK PM Liz Truss's reaction to the economic fiasco?
1: UK prime minister Liz Truss says it would be a "complete betrayal" to the public if this budget doesn't make an offing.

2: Who is Kwasi Kwarteng?
2: Kwasi Kwarteng is a British politician serving as Chancellor of the Exchequer since 2022.