Pound – live: British pound rebounds in Asian trade after Truss U-turns

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Kwasi Kwarteng jokes tax cut plan 'caused a bit of turbulence' as he tackles U-turn

The pound rebounded today to a nearly two-week high after Liz Truss and the Chancellor Kwasi Kwarteng have backtracked on key elements of their controversial tax cut plan.

The British pound hit $1.1343, a rebound of around 10% from the all-time high against the dollar it hit last week, as tax plans not funded cuts have unleashed chaos on Britain's assets.

The concern among Liz Truss' own MPs at the Conservative Party Conference is unlikely to end there, with Priti Patel the latest senior backbencher ready to shoot the leader above her budget plan.

“We spend today without thinking about tomorrow, and like the Blob in the old movie. horror, the more resources are consumed today, the worse the problem becomes and the more resources it will need to eat tomorrow,” Ms Patel was quoted as saying in a speech later that day.

The Prime Minister admitted to not having had an 'easy' week in an article for today's Express newspaper, but said she was sticking to the rest of a tax cut scheme which she insisted was 'essential to driving the UK economy forward'. media circus"

Home Secretary Suella Braverman is considering a sweeping change to the criminal justice system to guarantee suspects anonymity before they are charged.

Minister said she was "examining" whether changes could be made to protect the privacy of those suspected of a crime in order to save them from a "trial by the media".

"I think that we have had high profile cases where the media circus around a suspect - who has not been charged - can and has been devastating," she told the Conservative Party Conference in Birmingham. < /p>