Don't wait for the 'inevitable' mini-budget U-turn, George Osborne tells Liz Truss

Former Tory Chancellor George Osborne urged Liz Truss and Kwasi Kwarteng to rush with an "inevitable" U-turn on his mini-budget.

The senior Tory questioned whether it was worth waiting until the end of October to make back off as the government is reportedly considering rolling back corporate tax.

"Given the pain caused to the real economy by the financial turmoil, it's hard to see why it is in anyone's interest to wait another 18 days before the inevitable mini budget reversal,” Mr Osborne tweeted.

Former Home Secretary Priti Patel has also suggested that the "forces of market" could force a U-turn in corporate tax cuts in the coming hours.

Speaking to Sky News, Ms Pat el suggested that the need for financial stability "will likely dictate some of these changes now".

The Prime Minister and Chancellor last month reversed a planned rise in corporate income tax from 19p to 25p, but there are growing expectations it could be totally or partially abandoned.

This follows The Independent's revelation this week that No 10 officials are examining Mr Kwarteng's package for possible raids to restore financial confidence.

Asked in New York whether he would backtrack on any major measures, Kwarteng replied: “Our position has not changed. I will be presenting a medium-term budget plan on October 31...there will be more details then.

The Chancellor also said he would "absolutely 100%" not step down as Chancellor over the criticism.

It happened when IMF President Kristalina Georgieva chastised the Truss government for allowing its loose fiscal policies to run counter to the Bank of England's efforts to contain inflation.

Asked about the UK government, Georgieva also said she would welcome U-turns. "Don't prolong the pain...if it's proven to be a recalibration it's only right that governments do it."

The Office for Budget Responsibility (OBR) - to be presented with the Chancellor's October 31 budget plan - will give an assessment of plans to balance the books.

But Business Secretary Jacob Rees-Mogg has suggested the government could ignore the OBR forecast. When asked if Ms Truss was confident in the OBR's ability to provide accurate forecasts, the Prime Minister's official spokesperson replied: "Yes".

The Crossbench counterpart Jim O'Neill, former Treasury minister, said the government should abandon tax cuts as soon as possible. "The sooner they reverse the better - to continue down this path is not far from madness," he said.

Alicia Kearns MP, chair of the Foreign Affairs Select Committee, also called on the government to reverse tax cuts in the mini-budget - saying she didn't want 'our children having to pay this back for decades'.

She told LBC: " The markets aren't woke, the markets aren't on the left, they're not anti-government, the fact that they've been scared off is something that should be taken extremely seriously. "If [the government] showed some fiscal probity in doing this, it could mean borrowing costs don't need to rise as much in November."

The pressure has intensified on Ms Truss and Mr Kwarteng since their disastrous mini-budget, due to days of turmoil in the markets, falling liv re and rising mortgage rates.

Tory MP Robert Halfon told Ms Truss she had 'trashed the last 10 years of working-class conservatism' at a meeting of the rear committee ban of 1922 on Wednesday.

Rishi Sunak and Penny Mordaunt are among the high profile figures currently being sought as possible replacements for the PM, according to ConservativeHome editor Paul Goodman.

But Foreign Secretary James Cleverly told Today that any attempt to replace Ms Truss now would be a "disastrously bad idea politically and also economically".

And Sir Christopher Chope said Tory critics...