Liz Truss announcement: Key points from Prime Minister's U-turn press conference

The move came hours after the Prime Minister sacked the Chancellor who delivered the mini-budget weeks prior.

Kwasi Kwarteng has been replaced by former foreign secretary Jeremy Hunt in the role.

At today’s conference Ms Truss confirmed she was abandoning a number of plans set out by Mr Kwarteng in his mini-budget.

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These are the key announcements made by the Prime Minister.

Liz Truss still believes in her low tax plan

Liz Truss opened her press conference by saying her conviction for growth is rooted in her personal experiences.

Speaking at a press conference in Downing Street, the Prime Minister said: “My conviction that this country needs to go for growth is rooted in my personal experience.

“I know what it’s like to grow up somewhere that isn’t feeling the benefits of growth. I saw what that meant. And I’m not prepared to accept that for our country. I want a country where people can get good jobs, new businesses can set up and families can afford an even better life.

“That’s why from day one, I’ve been ambitious for growth.”

Corporation Tax U-turn

The Prime Minister’s key pledge to scrap the planned increase in corporation tax from 19% to 25% will be one of the measures cut was the first U-turn made by Ms Truss.

Government sources had predicted that, while abandoning the plan was likely, they did not see corporation tax rising to the previously suggested 25%.

However, in her conference, Ms Truss said: “It is clear that parts of our mini-budget went further and faster than markets were expecting so the way we are delivering our mission right now has to change.”

Replacing the Chancellor

The Prime Minister continued: “I met the former chancellor earlier today.

“I was incredibly sorry to lose him.

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“He is a great friend and he shares my vision to set this country on the path to growth.

“Today, I have asked Jeremy Hunt to take over as Chancellor – he is one of the most experienced and widely respected Government ministers and parliamentarians.

“He shares my convictions and my ambitions for our country.”

Why Liz Truss believes she should remain Prime Minister

Asked by Chris Mason of the BBC why she should remain as Prime Minister despite sacking Kwasi Kwarteng, Ms Truss said she had provided “economic stability”.

Ms Truss said: “What I have done today is made sure that we have economic stability in this country.

“Jeremy Hunt as chancellor is someone who shares my desire for a high growth, low tax economy.

“But We recognise we have to deliver the mission in another way. That is what we are committed to doing.”