Amid growing pressure to abandon more elements of the mini budget that has caused market turmoil, UK Chancellor Kwasi Kwarteng has appeared not to rule out a retreat on corporation tax.
Early on Thursday, Mr Kwarteng said he was “totally focused” on delivering the tax-cutting plans, which are aimed at increasing UK economic growth.
Then when asked about the expectation from financial markets that the government could ditch the plan not to increase corporation tax to show commitment to balancing the books, he told The Telegraph newspaper: “Let's see.”
Reports suggest talks are under way between Downing Street and the Treasury on abandoning elements of the £43 billion ($49bn) tax-cutting plan, including the commitment to axe the planned increase in corporation tax.
“Work is ongoing between the Chancellor and the prime minister, as you’d expect, before the medium-term fiscal plan,” Downing Street said.
But a spokeswoman refused to be drawn on the nature of the discussions or the possible scrapping of the corporation tax commitment.
Mr Kwarteng, in Washington for the International Monetary Fund’s annual meeting, was repeatedly asked about the prospect of a U-turn and did not explicitly rule it out.
He insisted “our position hasn’t changed”.
“I will come up with the medium-term fiscal plan on October 31, as I said earlier in the week, and there will be more detail then,” Mr Kwarteng said.
Asked whether a corporation tax retreat was on the cards, he said: “What I’m totally focused on is delivering on the mini budget.”
With talks on ditching his plans rumoured to be taking place in London while he was on the other side of the Atlantic, Mr Kwarteng insisted his position was safe.
Asked if both he and Prime Minister Liz Truss would still be in office in a month, Mr Kwarteng said: “Absolutely 100 per cent. I am not going anywhere.”
“I speak to No 10, I speak to the prime minister all the time. We are totally focused on delivering the growth plan.”
Mr Kwarteng acknowledged the UK suffered some “turbulence” after his mini budget but said the economy was facing the same problems as other countries around the world.
“What I am going to acknowledge is the fact that it is a very dicey situation globally,” he said.
Yet Mr Kwarteng also insisted that there would be “no real cuts to public spending”, appearing to stick to comments made in the House of Commons by the prime minister on Wednesday.
“Let’s face it, there are difficult choices within that you have to prioritise,” he told The Telegraph.
“You have to make sure that you know the public is getting value for money. And I make no apologies for that, there has to be some sort of fiscal discipline.”
Mr Kwarteng also insisted that his party could still be trusted with the public finances.
“We’re Conservatives. Fiscal discipline runs right through our DNA”, he said.
But the managing director of the IMF hinted that Mr Kwarteng might need to change course.
“Our message to everybody, not just the UK, is that at this time, fiscal policy should not undermine monetary policy,” Kristalina Georgieva said.
“It is correct to be led by the evidence, so if the evidence is that there has to be a recalibration, it’s right for governments to do so”.
Former British chancellor George Osborne suggested Mr Kwarteng should not delay until his October 31 statement before making the “inevitable” U-turn on his plans.
“Given the pain being caused to the real economy by the financial turbulence, it’s not clear why it is in anyone’s interests to wait 18 more days,” Mr Osborne said.
The scale of the backlash to the mini budget has led to speculation Ms Truss’s position could be in jeopardy.
She endured a difficult time at a meeting of the 1922 Committee of Tory backbenchers.
Former home secretary Priti Patel also suggested the new administration could be forced into a reversal. “Market forces will probably dictate some of these changes now,” Ms Patel told Sky News.
The editor of the influential ConservativeHome website, Paul Goodman, suggested there had been rumours about replacing Ms Truss with a joint ticket involving her former leadership rivals Rishi Sunak and Penny Mordaunt.
On Thursday, newly-elected foreign affairs committee chairwoman Alicia Kearns told LBC that she wanted Ms Truss to succeed but also called for a change of course on the mini budget. “The markets are not woke, the markets are not left,” Ms Kearns said. “The fact they are not lefty, anti-government, the fact they have been spooked, is something that should be taken incredibly seriously.”
'Changing PM would be disaster'
Foreign Secretary James Cleverly on Thursday told BBC Radio 4: “I think changing the leadership would be a disastrously bad idea politically and also economically.”
The government’s plans revolve around securing an increase in economic growth, with a target of an annual rise of about 2.5 per cent in gross domestic product.
The forecasts presented by the Office for Budget Responsibility alongside Mr Kwarteng’s October 31 statement will give an assessment on whether that is viewed as a realistic ambition.
But Business Secretary Jacob Rees-Mogg has said the government could ignore OBR forecasts accompanying the strategy if they predict low growth and rising debt.
Downing Street, however, said Ms Truss has confidence in the data produced by the OBR, which is the government’s official forecaster.
“The prime minister has said on a number of occasions that she values their scrutiny and respects their independence,” her official spokesman said.
“They are a highly regarded body worldwide.”
In response to speculation about a possible U-turn on corporation tax, the Liberal Democrats called for Mr Kwarteng to resign.
“This U-turn would come too late for many struggling families facing mortgage misery,” said Lib Dem leader Sir Ed Davey.
Labour shadow chancellor Rachel Reeves said: “Today’s mess shows the utter chaos this government is in. This is a crisis made in Downing Street and working people are paying the price.”
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
The%20specs
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As You Were
Liam Gallagher
(Warner Bros)
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
Killing of Qassem Suleimani
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Imperial%20Island%3A%20A%20History%20of%20Empire%20in%20Modern%20Britain
%3Cp%3EAuthor%3A%20Charlotte%20Lydia%20Riley%3Cbr%3EPublisher%3A%20Bodley%20Head%3Cbr%3EPages%3A%20384%3C%2Fp%3E%0A
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
