Prime Minister Liz Truss is preparing to hold a press conference in Downing Street later today.
It is believed that she will announce some major changes to the mini-budget she and former-Chancellor Kwasi Kwarteng announced earlier in her premiership, including the £43 billion tax giveaway. It comes after Mr Kwarteng was sacked from his position as Chancellor of the Exchequer after being 'asked to stand aside'.
Despite being asked to leave his office, he still expressed support for Ms Truss and her policies, stating that "following the status quo was simply not an option". Ms Truss is also expected to scrap her plan to undo Rishi Sunak's plan to raise corporation tax to 25 per cent.
Read more: Kwasi Kwarteng sacked as chancellor as Liz Truss to hold press conference today - LIVE updates
However, despite Mr Kwarteng no longer holding a senior position, questions are still expected to be raised regarding the strength of Ms Truss's position as she is still closely related to many of the policies that resulted in economic turmoil across the UK.
What time is the press conference?
The Prime Minister's press conference is due to take place at 2.30pm this afternoon (Friday, October 14). Ms Truss is expected to receive and answer questions from the press during the conference.
What will be announced at the conference?
Despite promoting herself as not a leader for U-turns, Ms Truss has already buckled under pressure to backtrack on some of her controversial policies, such as providing tax cuts for the rich, bringing forward the publication of Mr Kwarteng's financial strategy, and giving "handouts" to support Brits through the cost of living crisis.
However, with the sacking of Mr Kwarteng, Ms Truss is expected to announce a major shift in the direction of her economic policies. While Ms Truss has historically displayed an ideological leaning to free market commitments to tax cuts, a new Chancellor may change this leaning somewhat.
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