Expectation of major Truss U-turn grows as pressure builds

Amid reports of a “coronation” of a new leader to save the Tories from a crushing defeat at the next election, some warned against such a drastic move.

Liz Truss is expected to be forced to scrap parts of her mini-budget in the days to come, amid growing pressure on the British prime minister to reassure markets and rescue her administration (Stefan Rousseau/PA)

Liz Truss is expected to be forced to scrap parts of her mini-budget in the days to come, amid growing pressure on the British prime minister to reassure markets and rescue her administration.

Chancellor Kwasi Kwarteng is set to return from the International Monetary Fund’s (IMF) annual meeting in Washington to London this weekend, where he is likely to find a significant section of his mini-budget re-drawn after days of open revolt among Tory MPs and an emerging market consensus that another U-turn is on the cards.