Liz Truss eyeing colossal corporate tax U-turn after Tory collapse

Liz Truss is believed to be considering a colossal fiscal U-turn from her key corporate tax cut wish.

Tonight Chancellor Kwasi Kwarteng said 'let's see' when asked if parts of the disastrous mini-budget were to be torn up.

Discussions are reportedly underway in Downing Street over scrapping the £19billion-a-year tax cut after Tory MPs warned it was leaving a black hole in the economy.

The move - demanded by several Tory MPs - would be the second major U-turn in Liz Truss' disastrous mini-budget after she scrapped her 45p income tax cut for the wealthy.

Tory anger skyrocketed last night after Ms Truss claimed she would not cut spending to pay for her plans, leaving a £60billion black hole.

She faced what one MP called a 'machine gun' of questions by backbench MPs with one, Rob Halfon, saying she had trashed 10 years of working class conservatism.

A dispirited Tory MP has told the Mirror that ‘Liz Truss’ authority is seeping past us’ and she could be ousted from power. The MP called the mini-budget "absolutely abysmal".

Prime Minister Liz Truss is under pressure over her disastrous mini-budget (

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PENNSYLVANIA)

A reversal looks increasingly likely, with the Chancellor hinting that his plans could change in the coming days.

In Mr Kwarteng replied "let's see" when asked about a change to his corporate tax proposals.

And asked if anything else could change, he replied, "I'm not going to play these games about what's in or what's out or anything else. What I'm totally focused on , is to make sure we get growth in the economy.”

While he argued that there would be "no real cuts in public spending", he admitted that "tough choices" lay ahead, saying: "Let's face it, there are tough choices you need to prioritize."

Former Chancellor Rishi Sunak had planned to raise corporation tax in April from 19p to 25p for many businesses. Liz Truss has vowed to undo this as part of a major leadership commitment.

A source told The Sun that corporation tax will not hit 25p, but will still rise under a proposed U-turn.

Another source told Bloomberg that a decision would be made after Mr. Kwarteng returns from IMF and World Bank meetings in Washington.

Mr. Kwarteng insisted that "our position has not changed", adding: "I will present the medium-term budget plan on October 31, as I said earlier in the week, and then there will be more details."< /p>

Pressed by reports of a U-turn, he said: 'I talk to No 10, I talk to the Prime Minister all the time.

"We are fully focused on delivering on the growth plan. We were facing 70-year-old high taxation and no growth."

When asked if a U-turn on the corporate tax cut was imminent, he replied, "My main goal...is to stick to the mini-budget and make sure that we get from growth...