Mini-budget U-turn on the table, Chancellor flies home

Chancellor Kwasi Kwarteng is cutting his trip to the US short to return home for urgent talks in No 10, a U-turn over the mini-budget is on the table.

PM Liz Truss has been facing a wave of backlash since the mini-Budget and there have been calls for her to change her economic plans to reassure markets and her party.

The chancellor is expected to arrive back on Friday for talks with the PM and Tory MPs. 

Speaking about the change in his travel plans, a source close to Mr Kwarteng said he “really wants to engage not only with government colleagues but also MPs” over the financial plans.

The Bank of England is set to end its emergency support later today – Tory MPs think a U-turn on some of the tax-cutting package is inevitable.