Kwasi Kwarteng has cut short his visit to the US for crisis talks over the mini-Budget amid rumours Truss’s government is on the brink of a U-turn over corporation tax cuts.
The chancellor has to flown back to the UK to hold discussions with Liz Truss and Conservative MPs, leaving behind a meeting of international finance ministers in Washington.
Ms Truss is set to tear up further elements of Kwasi Kwarteng’s fiscal proposal, including a reversal of the proposed corporation tax cuts – a key pledge of her leadership election campaign.
It comes as senior Conservatives are reportedly holding talks about the possibility of replacing the prime minister with a joint ticket of former leadership candidates Rishi Sunak and Penny Mordaunt.
Another MP told The Times that the supporters of Mr Sunak, Ms Mordaunt and Ms Truss need to sit down to work through the candidate. “It’s either Rishi as prime minister with Penny as his deputy and foreign secretary or Penny as prime minister with Rishi as chancellor,” they said.
