London, Thanasis Gavos
UK Prime Minister Liz Truss will hold an emergency press conference this afternoon amid intense pressure to reverse the massive tax cuts she announced amid concerns about the stability of public finances.
According to estimates by British political editors, Mrs Truss will announce the return of the increase in the corporate tax rate from 19% to 25% from next April, a measure which was scrapped in last month’s mini-budget .
The government has already rolled back the abolition of the top income tax rate of 45%.
Meanwhile, the Times reports that Truss is also preparing to announce her ousting her close ideological ally Kwasi Kwarteng from the position of Minister of Finance.
According to political commentators in Britain, Ms. Truss will try to “save her political career” in this way, amid reports that already MPs from her Conservative Party plans to replace it are underwaybefore well over 40 days in Downing Street.
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