Liz Truss press conference: PM defends her job in grilling after sacking Kwasi Kwarteng & replacing him with Jeremy Hunt

Ed Miliband mocks David Cameron's 2015 tweet

Ed Miliband has reshared David Cameron's 2015 tweet that the UK faced a choice between himself as prime minister or "chaos" with the former Labour leader, accompanied by a clown emoji.

Mr Cameron was elected prime minister over Mr Miliband just three days after writing to his Twitter followers that "Britain faces a simple and inescapable choice - stability and strong Government with me, or chaos with Ed Miliband".

The now-shadow climate secretary's use of the clown emoji accrued more than 70,000 likes in an hour following Liz Truss's tumultuous day as Prime Minister - which included the sacking of chancellor Kwasi Kwarteng and U-turning on his mini-budget.

Mr Miliband posted a second tweet shortly after: "The fever that has taken over the Tory party didn't start with Liz Truss.

"Trickle down economics has been the guiding philosophy for 12 years. It has failed."

Liz Truss is not 'out of her depth'

Transport Secretary, Anne-Marie Trevelyan, has claimed that Liz Truss is not "out of her depth".

Speaking to BBC Politics North she said: "What she is doing is delivering a broad programme.

"She has reached the conclusion that doing all the tax changes at the same time is too much for the markets to sustain in the short term, because there are so many global disruptions."

Treasury statement

The statement from the Treasury reads:

"The prime minister has set out that the way the government is delivering on its mission to achieve a low tax, high wage, high growth economy is to change.

"The legislated increase in the Corporation Tax rate from April 2023 will go ahead, with most small businesses benefitting from the new small profits rate.

"Chancellor Jeremy Hunt will deliver the Medium-Term Fiscal Plan on 31 October, detailing action to get debt falling as a percentage of GDP over the medium term."

More backing from Conservative MPs

Graham Stuart has backed the PM's leadership campaign.

He said: "Backing the Prime Minister and growing a greener and more prosperous Britain is what every right thinking Conservative is doing and should do.

"On Monday I'll take the Energy Prices Bill through the Commons - helping families and delivering the PM's vision."

Medium-Term Fiscal Plan will be delivered on 31 October

The Treasury have confirmed that the new Chancellor, Jeremy Hunt will deliver the Medium-Term Fiscal Plan on 31 October.

"Chancellor of the Exchequer Jeremy Hunt will set out the government's Medium-Term Fiscal Plan on 31 October, alongside a full forecast from the independent Office for Budget Responsibility," it said in a statement.

Lib Dems issue demands

The Liberal Democrats have called for Parliament to sit on Saturday following yesterday's appointments.

In a statement, Liberal Democrat Treasury spokesperson Sarah Olney said: "This government has overseen a slow-motion car crash as Britain's economy barrels towards disaster.

"For weeks ministers have sat on their hands as their mini-budget unfolded.

"Parliament must sit tomorrow so we can hear from this new Chancellor.

"Every day this disastrous Conservative government staggers on, it plunges Britain into more turbulence and pain.

"Rather than show leadership, they've just delivered more chaos and confusion. 

"After shamefully cutting her press conference short this afternoon, the prime minister and her new chancellor must come to the House of Commons tomorrow to face questions from MPs.

"As the revolving door at Number 11 continues, the very least the latest one can do is come to Parliament tomorrow and deliver an urgent statement putting the final nail in the coffin of this budget."

Jeremy Hunt a 'welcome appointment'

The Conservative MP for South Cambridgeshire has issued his congratulations to Jeremy Hunt following his appointment.

He said: "A veteran cabinet minister with experience across Government, and widely seen as a safe pair of hands.

"I have no doubt he will be able to restore the financial markets’ confidence in the Government’s economic policy."

Nicola Sturgeon calls on Backbenchers to do the 'decent thing'

Nicola Sturgeon, Scotland's First Minister, has called for a general election following today's events.

She claimed that Liz Truss is "unfit to hold the office of prime minister" and that Conservative Backbenchers should do the right thing and "call time on Liz Truss".

Scotland's First Minister added: "This was beyond a joke, it was never funny, but Liz Truss has already, through her own decisions, crashed the economy and heaped misery on people who were already struggling with the cost-of-living crisis."

Liz Truss has the support from her Deputy

Deputy Prime Minister Therese Coffey has made it clear she still supports Liz Truss.

Therese Coffey Tweeted: "The PM is right to act now to ensure our country's economic stability - key for families and businesses - and reassure the markets of our fiscal discipline, especially in light of the worsening global economic conditions with Putin’s illegal invasion of Ukraine."

Royal approval

King Charles has been pleased to approve the appointments of Jeremy Hunt as Chancellor of the Exchequer; Edward Argar as Chief Secretary to the Treasury and Chris Philp as Paymaster General, and Minister for the Cabinet Office.

'It's been a catastrophic episode'

Former Conservative leader, Lord William Hague has said Liz Truss's position as prime minister "hangs by a thread".

The former Tory party leader told Times Radio: "It's been a catastrophic episode. And I think it hangs by a thread is the honest answer to your question of her position, because yes these were her policies too.

"And plenty of warning was given by many of us about what would happen if we had unfunded tax cuts and whether it would be financially and politically sustainable."

Letters of no confidence have been submitted according to reports

According to reports a substantial number of letters of no confidence have been submitted by Conservative MPs today.

Despite, technically being immune from a leadership challenge for a year under party rules, there is a belief that the chairman of the 1922 Committee of backbench Tory MPs could change this.

Truss promises £19bn extra taxes for big companies after U-turn

Liz Truss's U-turn, which will add an extra £19 billion to the tax bill of big companies, will only fill around a third of the hole in the public finances that economists have identified.

After three weeks of pressure following Chancellor Kwasi Kwarteng's fiscal statement, he was shown the door on Friday alongside one of the biggest tax cuts he announced.

It would have cancelled the plan introduced by former chancellor Rishi Sunak to bring the corporation tax rate to 25% in April next year, from 19% currently.

The rate is levied on businesses with more than £250,000 in profits every year.

Ms Truss said: "I have... decided to keep the increase in corporation tax that was planned by the previous government."

Economists at the Institute for Fiscal Studies estimated that the Government might have to make savings of more than £60 billion a year by 2026.

Truss loyalist 'disappointed' at PM's U-turn

Tory MP and Truss loyalist Chris Loder said he was "disappointed" at the Prime Minister's U-turn.

Speaking to BBC Radio 4's PM programme, he said he was still a supporter of Liz Truss but admitted it had been a "difficult few days".

He said: "We'll see now, won't we, over the coming days as to what that looks like.

"I do hope that the Prime Minister can continue. But I get the feeling from the parliamentary party and a number of her supporters that is actually quite difficult at the moment."

Tory MP labels party members 'hyenas'

Tory MP Sir Christopher Chope referred to his party colleagues as a "bunch of hyenas" over speculation they are trying to remove Liz Truss as Prime Minister.

He told BBC News: "If that's the way my colleagues behave then I can't stop them, but I think they're like a bunch of hyenas, frankly.

"I think it's going to be suicide for the Conservative Party if we force out another prime minister who is trying to do her best in very difficult circumstances."

Sir Christopher added: "We can't possibly force another prime minister out of office, we've just got to calm down and try to give the Prime Minister our support."

Ed Miliband mocks David Cameron's 2015 tweet

Ed Miliband has reshared David Cameron's 2015 tweet that the UK faced a choice between himself as prime minister or "chaos" with the former Labour leader, accompanied by a clown emoji.

Mr Cameron was elected prime minister over Mr Miliband just three days after writing to his Twitter followers that "Britain faces a simple and inescapable choice - stability and strong Government with me, or chaos with Ed Miliband".

The now-shadow climate secretary's use of the clown emoji accrued more than 70,000 likes in an hour following Liz Truss's tumultuous day as Prime Minister - which included the sacking of chancellor Kwasi Kwarteng and U-turning on his mini-budget.

Mr Miliband posted a second tweet shortly after: "The fever that has taken over the Tory party didn't start with Liz Truss.

"Trickle down economics has been the guiding philosophy for 12 years. It has failed."

Jeremy Hunt set to speak to Sky News tomorrow

The newly appointed Chancellor is set to explain how he plans to steer the UK economy out of the current storm on Sky News tomorrow morning.

Mr Hunt has just 17 days until he is set to deliver his Fiscal Plan at the end of the month.

Liz Truss is not 'out of her depth'

Transport Secretary, Anne-Marie Trevelyan, has claimed that Liz Truss is not "out of her depth".

Speaking to BBC Politics North she said: "What she is doing is delivering a broad programme.

"She has reached the conclusion that doing all the tax changes at the same time is too much for the markets to sustain in the short term, because there are so many global disruptions."

Piers Morgan not holding back

Piers Morgan has said "it's over" for the PM following her decision to sack the former Chancellor.

Piers added: "Put yourself & your country out of this misery, and resign."

Conservative MPs out in full force

Jake Berry, Conservative MP for Rossendale and Darwen has backed the PM.

He said: "Prime Minister @TrussLiz is right. Our @Conservatives mission continues to be to grow our economy to ensure a more prosperous future for the United Kingdom."

Treasury statement

The statement from the Treasury reads:

"The prime minister has set out that the way the government is delivering on its mission to achieve a low tax, high wage, high growth economy is to change.

"The legislated increase in the Corporation Tax rate from April 2023 will go ahead, with most small businesses benefitting from the new small profits rate.

"Chancellor Jeremy Hunt will deliver the Medium-Term Fiscal Plan on 31 October, detailing action to get debt falling as a percentage of GDP over the medium term."

More backing from Conservative MPs

Graham Stuart has backed the PM's leadership campaign.

He said: "Backing the Prime Minister and growing a greener and more prosperous Britain is what every right thinking Conservative is doing and should do.

"On Monday I'll take the Energy Prices Bill through the Commons - helping families and delivering the PM's vision."

'We must come together'

Culture Secretary, Michelle Donelan, has said "we must come together and focus on delivering" following Ms Truss' announcement.

She added: ";Liz Truss has listened and acted decisively today to ensure that our vitally important plan to protect jobs and grow the economy goes ahead."