"Desperate", Liz Truss is about to make a U-turn on the corporation tax this weekend

Liz Truss is about to tear others apart elements of Kwasi Kwarteng's disastrous mini-budget, with a corporation tax U-turn expected as early as this weekend.

Discussions were due to take place at 10 Downing Street on a way to to avoid further market panic after the Bank of England withdrew its emergency bond buying program at the end of Friday's session.

It came afterThe The Independent revealed on Tuesday that officials had been asked to go through the Budget tax giveaway line by line to see where there were opportunities for change.

The Independent > understands that an announcement is planned before the reopening of m Monday's arches to restore - partially or fully - the corporate tax hike to 25p planned for 2023 by Rishi Sunak but reversed by Mr Kwarteng last month.

No final decision will be made until until the Chancellor returns Friday evening from a trip to New York where he was reprimanded by IMF President Kristalina Georgieva for pursuing an expansive policy of taxing and spending at odds with the Bank's efforts to contain inflation.

In a thinly veiled plea for London to be ready to embrace U-turns, Ms Georgieva said her message to national leaders was: 'Don't prolong the pain... It is okay to be guided by evidence. If it is proven that it must be a recalibration, it is only fair that governments do it.

Government bonds and the pound rallied on speculation that a corporate tax cut was also in sight. as a slight increase in the Bank's bond-buying activity ahead of Friday's deadline.

But a former Tory minister called the move "desperate" and said it was not would not be enough to save Truss and Kwarteng's careers, amid reports the senior Tories were already discussing replacing the prime minister with an alliance of former leadership rivals Rishi Sunak and Penny Mordaunt. shredded economy and no credibility,” the MP told The Independent. "It's impossible for them to come back from this."

Downing Street declined to be fired on speculation that Ms Truss was set to approve a hike in the 19p levy on business profits, which could raise £18.7bn a year to fill Treasury coffers if the planned rate of 25p was reinstated.

Spokesmen did not deny meetings were taking place , telling reporters only: 'Our position hasn't changed.'

And Mr Kwarteng insisted that he and the Prime Minister were 'totally focused on delivering the mini-budget' , while acknowledging for the first time that the September 23 statement had caused "turmoil".

"I talk to No 10, I talk to the Prime Minister all the time", he said. he told broadcasters. "We are fully focused on delivering the growth plan."

But there were signs of tension between Kwarteng and No 10, with an insider saying the Chancellor was "baffled" to hear that his package was being considered in Downing Street after being assured that previous reports of talks were wrong.

And asked if the markets were right to expect a reversal, the chancellor said to the Daily Telegraph: "Let's see."

Former Chancellor George Osborne urged Truss and Kwarteng not to wait for the October 31 medium-term budget plan to announce their "inevitable" descent.

"Given the pain caused to the real economy by the financial turmoil, it is unclear why it is in anyone's interest to wait another 18 days before the inevitable reversal of the mini-budget,” he said.

Former shadow chancellor Ed Balls replied: “I agree with that. ec George." And former Tory cabinet minister Julian Smith retweeted Mr Osborne's post with the cryptic comment: "Trust... Noun: the feeling or belief that one can trust someone or something something or defer to someone."

Chairman of the Commons Treasury Committee,...