Liz Truss has sacked Kwasi Kwarteng as Chancellor, The Telegraph reports, as the Prime Minister prepares to announce that she is ripping up her mini-Budget.
Truss is slated to hold a press conference later today.
Ms Truss will use the press conference to announce that corporation tax will rise to 25 per cent this spring. The about-turn means she is abandoning one of the flagship tax cut promises from her Tory leadership campaign.
Ms Truss had pledged to scrap a corporation tax hike from 19 per cent to 25 per cent which had been scheduled for April next year by Rishi Sunak when he was chancellor. But the rise will now go ahead as planned.
However, the PM is expected to stick to her National Insurance cut plans and the income tax basic rate cut.