Liz Truss was left clinging to her job today after she was forced into yet another humiliating U-turn on tax.
The Prime Minister's authority crumbled following a dramatic day in Downing Street which saw Kwasi Kwarteng sacked as Chancellor and replaced by Jeremy Hunt.
it follows the disastrous mini-budget announced just three weeks ago which saw Truss attempt to slash taxes for the richest - before being forced into a series of U-turns after the global financial markets took fright.
At a brief press conference in Downing Street on Friday afternoon, the embattled PM confirmed that a rise in Corporation Tax previously announced by Rishi Sunak would now go ahead as planned to raise £18 billion.
Truss had repeatedly argued during her campaign to replace Boris Johnson as Tory leader that raising taxes was the wrong move.
Truss sidestepped questions about her position as Prime Minister, emphasising that she took “difficult decisions” in the interests of “economic stability”.
She was asked why she gets to stay in No 10 when Kwasi Kwarteng, with whom she designed the mini-budget in lockstep, was sacked as Chancellor.
Truss told a brief press conference: “Well, my priority is making sure we deliver the economic stability that our country needs.
“That’s why I had to take the difficult decisions I’ve taken today.
“The mission remains the same. We do need to raise our country’s economic growth levels. We do need to deliver for people across the country. We’re committed to delivering on the energy price guarantee which people are already seeing in their bills.
“But ultimately, we also need to make sure that we have economic stability, and I have to act in the national interest as Prime Minister.”
Truss also dodged a question on whether she has any “credibility” to continue as PM.
Taking a question from the BBC at a press conference, she said: “What I’ve done today is made sure that we have economic stability in this country.
“Jeremy Hunt as Chancellor is somebody who shares my desire for a high-growth, low-tax economy, but we recognise because of current market issues we have to deliver the mission in a different way.
“And that’s what we are absolutely committed to do – achieving that stability at what is a very difficult time globally.”
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