Kwasi Kwarteng flies back to London after days of economic chaos caused by Tory mini-budget

dailyrecord.co.uk:

Kwasi Kwarteng is flying back to London for crisis talks with Liz Truss amid turmoil in the Tory party and economic chaos caused by his mini-budget.The Chancellor cut short a visit to the International Monetary Fund (IMF) in Washington DC amid reports Conservative MPs are already plotting to replace him and the PM.

After days of chaos, there was greater calm on the financial markets following reports that Kwarteng is preparing yet more policy U-turns.

However, the situation remains precarious with the emergency support package put in place by the Bank of England to protect pension funds from collapse due to end on Friday.

At Westminster, there were reports of fevered plotting among Tory MPs amid suggestions that Truss’s two main rivals for the Tory leadership over the summer – Rishi Sunak and Penny Mordaunt – could be installed at the head of a new administration.Before he left the United States, Mr Kwarteng initially insisted he stood by his economic growth plan and would be setting out how he intended to get the public finances back on track in a statement on October 31 as planned.However, few MPs believe he can afford to wait that long, and in a later interview with The Daily Telegraph he said only “let’s see” when asked if he could ditch his promise on corporation tax.The commitment to scrap the planned increase in the levy on corporate profits from 19% to 25% is widely seen as likely to be the first element to go if the expected U-turn goes ahead.However it is unclear whether that would be enough to settle the markets, which have already “priced in” significant changes.The senior Conservative MP Mel Stride, who chairs the Commons Treasury Committee, said it was essential that the Government acted decisively if it