Moment Liz Truss announces corporation tax U-turn

The prime minister confirmed that she is reversing her plan to scrap an increase in corporation tax announced in September's mini-budget, in an effort to reassure financial markets.

Speaking at a news conference, she admitted the government's mini-budget had gone "faster and further" than many expected.

It comes after the PM sacked her chancellor, Kwasi Kwarteng, and replaced him with former health and foreign secretary Jeremy Hunt. Kwarteng lost his job just three weeks after he announced unfunded tax cuts that triggered financial turmoil.