Liz Truss said she will “always act in the national interest” after sacking Kwasi Kwarteng as chancellor and replacing him with Jeremy Hunt as she announced a major U-turn on her mini-Budget.

Speaking at a Downing Street press conference, the Prime Minister said: “I have acted decisively today because my priority is ensuring our country’s economic stability. As Prime Minister I will always act in the national interest.”

Ms Truss said that parts of the mini-Budget “went further and faster than markets were expecting” as she said she will now ditch her proposal to scrap a planned corporation tax hike.

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