Businesses could face Corporation tax RISE as Kwasi says ‘let’s see’ over another mini-Budget u-turn
KWASI Kwarteng last night hinted a u-turn on corporation tax was imminent as he said "let's see" if the promised tax cut goes ahead.
The Sun can reveal Liz Truss is considering RAISING Corporation Tax next year in a spectacular turnaround.
Her vow to cancel Rishi Sunak's hike from 19 to 25 per cent tax next April was the centrepiece of her campaign to be PM - but that promise is now expected to be junked.
Mr Kwarteng told The Telegraph last night in Washington when grilled on whether he would u-turn on the planned corporation tax slash in a bid to reassure markets: "let's see".
It came just hours after he insisted "I'm not going anywhere" amid speculation he could lose his job.
Ms Truss and Chancellor Kwasi Kwarteng have been warned they have a £60billion black hole in their tax and spending plans - with sources confirming "a rise in CT is on the table."
Another Downing Street insider insisted "it will not go all the way up to 25 per cent" and Britain will "remain competitive on the international stage."
A separate source added: "The PM wants to keep the mini budget plan intact but is of course committed to making sure the numbers add up on the 31st."
But No10 sources confirmed a u-turn was under discussion.
Last month's Growth Plan claimed not putting up the taxes on big business would see a £18 Billion hit to Treasury coffers by 2026/27.
Government sources insisted that next year's penny off income tax would not be scrapped and the NICS rise will also be scrapped.
Stamp Duty changes remain unchanged but there could be "movement" on dividend tax plans and investment tax breaks.
No final decision has been made, and this morning the PM's official spokesman promised there would be no more u-turns.
Some rebel Tory MPs have begun plotting to oust the PM and Chancellor over fall-out from the mini budget.
But speaking from Washington DC this afternoon, a defiant Mr Kwarteng insisted he is "not going anywhere".
The Chancellor said: "I speak to No10 and the PM all the time, and we are totally focused on delivering the growth plan.
"I am totally focused on the growth agenda."