Liz Truss, prime minister, is to hold a press conference on Friday to confirm a humiliating U-turn on her mini-Budget, as she prepares to axe large parts of the £43bn package of unfunded tax cuts.
Chancellor Kwasi Kwarteng arrived back in London from IMF talks in Washington on Friday meeting and headed straight to Downing St to finalise details of the retreat.
Among the measures expected to be reversed is an £18bn corporation tax cut - Kwarteng had planned to reverse a proposed increase next April from 19 per cent to 25 per cent.
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