BREAKING: Foreign secretary James Cleverly refuses to commit to mini-budget tax cuts ahead of chancellor Kwasi Kwarteng's financial statement
, which unleashed chaos in the markets after it was announced last month.
The prime minister and Kwasi Kwarteng, the chancellor, have said the cuts are needed to get Britain's economy growing again, as data published on Wednesday suggested the country is heading for recession.How long can Truss stay in power? Mr Kwarteng will meet with IMF leaders in Washington DC today, after the institution's chief economist saidThe IMF has said Britain's priority should be tackling inflation rather than adding to the price problem through tax giveaways to achieve economic growth.
The prime minister and her chancellor have already been forced into reversing one of the many tax-cutting policies within their plan - scrapping the 45p tax rate for the highest earners.- despite a leading economics-focused think tank warning the government is billions short of the sums needed.
"Credibility might now be swinging towards evidence of a clear change in tack rather than just coming up with other measures that try to square the fiscal circle," Mr Stride warned.
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