PM confirms corporation tax U-turn and new Chancellor

The prime minister has reversed the government’s plans to freeze corporation tax at 19% and instead increased it to 25% from April 2023.

"This will raise £18bn per year. It will act as a down payment on our medium-term fiscal plan, which will be accompanied by a forecast from the independent Office of Budget Responsibility," said Truss.

Also, Kwasi Kwarteng has been replaced as Chancellor by Jeremy Hunt.