Liz Truss and Kwasi KwartengImage source, EPA

Pressure is mounting on Liz Truss to change her economic plans, as a U-turn over the mini-Budget is on the table.

Chancellor Kwarteng is in the US for crunch talks on his proposals.

The prime minister and her MPs are trying to find a way to reverse some aspects of the mini-budget to make sure financial markets and her party are reassured.

The government's position hasn't changed according to the chancellor.

Some of her tax-cutting package is likely to be changed.

The tense atmosphere in parliament was apparent as the BBC spoke to many sources.

"We're screwed, it's checkmate," one Conservative MP said.

"They will have to junk a lot of this stuff and change their minds," another said.

It's not clear when changes to the government's plans will be announced.

The Chancellor is going to return to the UK from Washington on Friday after attending a meeting of the International Monetary Fund.

He was going to have meetings in the US capital, but he decided to go to the UK to talk to Conservative politicians.

He said on Thursday that he was not going anywhere, and when asked if he and Ms Truss would still be in their jobs, he said absolutely.

The UK's national debt is expected to fall in a statement on 31 October, along with an independent economic forecast, as Mr Kwarteng spells out how he will pay for the government's £43 billion package of tax cuts.

The government's plan to scrap the top rate of income tax only made up 2% of the tax cuts announced by the chancellor.

Some Conservatives think the tax-cutting plans should be reversed, while others think the help with energy bills should be more targeted.

The chancellor resigning is one of the scenarios being discussed by Conservative MPs.

There is no consensus on who should replace Ms Truss if she leaves.

According to the Times, senior Conservatives are holding talks about replacing Ms Truss with a joint ticket of the two people who ran for the leadership this summer.

The paper reported that the MPs would only propose one person to succeed the PM and the other would take a senior cabinet role.

Media caption,

I'm not leaving.

The government's plan for corporation tax may be reversed.

The tax was set to increase from 19% to 25% in three years' time.

The Daily Telegraph asked Mr Kwarteng about the positive market response to the speculation of a U-turn on corporation tax.

Ensuring "competitive" tax rates for businesses was a great idea according to him.

The prime minister's decision on corporation tax will be dictated by the market, according to Priti.

The government needs to change course, according to senior Conservatives.

The government had to adapt during a crisis according to the new chairwoman of the Commons Foreign Affairs Committee.

She was asked if the tax cuts should be reversed and if she wanted to see mass borrowing. I don't believe that's comforting.

The impact of rising mortgage rates on people who want to buy a home is "unconscionable" according to a former minister.

We all know it's coming, so get on and do it. He said that it wasn't a game for people down here.

Douglas Ross wants the prime minister and chancellor to control the economy.

"They've got to work this out to settle the markets, to settle the economy, and to get things back up and running again," he said.

He said that he thought Ms Truss could win the election.

The prime minister's plans must not be reversed, according to other Conservative MPs.

Sir Christopher Chope said that if the tax corporation were to be increased it would be contrary to the prime minister's policy of promoting growth.

He said that a U-turn would be a betrayal of her beliefs and that it wouldn't happen.

David Davies said that the government had to be flexible.

He refused to accept that the recent market turmoil was caused by a mistake by the government.

  • Elizabeth Truss
  • UK economy
  • Kwasi Kwarteng