Kwasi Kwarteng mini-budget U-turn expected: Chancellor flies home early from Washington amid economic chaos

Kwasi Kwarteng mini-budget U-turn expected: Chancellor flies home early from Washington amid economic chaos

Chancellor Kwasi Kwarteng has cut his visit to the International Monetary Fund in Washington short as the political crisis over his budget increases.

The budget, aiming to cut taxes, has been highly criticised from the opposition as well as from Conservative party members, leading to increased signs that the government is going to announce yet another U-turn.

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Sources from the treasury had said that Kwarteng had two days in Washington, but was in a hurry to come back to London ahead of his fiscal plan due to be announced at the end of the month.

But the mounting drama surrounding the Truss government saw the chancellor on an unscheduled late-night flight back to the UK earlier than expected.

Kwasi Kwarteng has cut his trip to the International Monetary Fund in Washington, USA short.

Mini-budget U-turns expected today

Kwasi Kwarteng has faced heavy criticism from opposition parties as well as his own party members, and claimed that his ‘position hasn’t changed’ when pressured about a potential U-turn on his controversial mini-budget.

But Tory MPs have claimed that a U-turn is inevitable, with one Conservative MP telling the BBC: "There is no question in my mind, they’ll have to junk loads of this stuff and U-turn."

The chancellor’s early flight home from his meeting with global finance ministers in Washington has prompted questions about whether a U-turn is to be discussed and announced at Downing Street today.

Despite Kwarteng saying “Absolutely, 100%” when asked if he and Liz Truss would still be in office a month from now, several Tory members are rebelling against the current government prompting further suggestions that a U-turn is to be announced on Friday.

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Kwasi Kwarteng has fuelled rumours that he could perform another mini-budget U-turn, this time on corporation tax. (Credit: Getty Images)

Will Kwasi Kwarteng resign?

Kwasi Kwarteng remains clear on his position that he and prime minister Liz Truss are “not going anywhere”, but a mounting rebellion from their own MPs has led to speculation that the chancellor could be pressured into resigning.

The chancellor is being pushed to explain how his remaining £43 billion tax cuts are going to be paid for as the UK’s economic crisis continues.

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Despite this the chancellor denied any rumours he or the prime minister are going to resign any time soon.