Liz Truss is expected to be forced to scrap parts of her mini-budget in the days to come, amid growing pressure on the Prime Minister to reassure markets and rescue her administration.
Chancellor Kwasi Kwarteng is set to return from the International Monetary Fund’s (IMF) annual meeting in Washington to London this weekend, where he is likely to find a significant section of his mini-budget re-drawn after days of open revolt among Tory MPs and an emerging market consensus that another U-turn is on the cards.
However, according to the BBC, the Chancellor has now cancelled planned meetings in the US and is leaving a day early for “crunch talks in the UK” over the mini-budget.
Doing the media rounds yesterday, James Cleverly argued that Truss “is doing exactly what she said she’s going to do” by cutting taxes.
But Ferrari shot back, saying: “I don’t recall her saying she was going to tank the economy, Foreign Secretary, I must have been out that day.”
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Related: Chancellor on ‘last commercial flight’ out of Washington as expectation of major U-turn grows
