'I am not going anywhere': Kwasi Kwarteng insists job is safe despite reports another U-turn on tax cuts is on the way

13 October 2022, 20:10 | Updated: 14 October 2022, 13:23

Kwasi Kwarteng has insisted the Government's "position has not changed” as he faces pressure to drop more parts of his disastrous mini-budget.

He said he was “totally focused” on delivering the tax-cutting plans, which are intended to increase economic growth.

Both the Chancellor and Number 10 have insisted no more changes to the package are planned, but markets appear to be anticipating moves to dispense with some of the tax cuts to show a commitment to balancing the country's finances.

Reports suggested that talks are taking place between No 10 and the Treasury about losing other parts of the £43billion tax-cutting plan, including the commitment to drop a planned corporation tax increase.

The Government said said “work is ongoing between the Chancellor and the Prime Minister, as you’d expect, ahead of the medium-term fiscal plan” but a spokesperson wouldn't drawn on what the nature of the discussions was, or the possible abandoning of the corporation tax commitment.

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Mr Kwarteng, who has been in Washington DC for the annual meeting of the International Monetary Fund, was asked repeatedly about the prospect of another U-turn and stopped short of ruling it out.

He said: “our position hasn’t changed”, adding: “I will come up with the medium-term fiscal plan on October 31, as I said earlier in the week, and there will be more detail then.”

Asked whether a corporation tax U-turn could be on the cards, he said: “What I’m totally focused on is delivering on the mini-budget.”

Despite talks on canning his plans rumoured to be taking place in London while he was out of the country, Mr Kwarteng insisted his job was safe.

Asked if both he and the Prime Minister would still be in office in a month, Mr Kwarteng said: “Absolutely 100%. I am not going anywhere.”

He told broadcasters: “I speak to No 10, I speak to the Prime Minister all the time. We are totally focused on delivering the growth plan.”

Mr Kwarteng acknowledged the UK experienced some “turbulence” after his mini-budget was announced but said the nation's finances are facing the same problems as other countries internationally.

“What I am going to acknowledge is the fact that it is a very dicey situation globally,” he said.