Liz Truss is now giving a press conference in Downing Street.
She has confirmed that the corporation will rise to 25% from 19% in a major policy U-turn.
It is the second reversal of a mini-budget policy after the government decided not to scrap the 45p highest income tax threshold.
“It is clear that parts of our mini-budget went further and faster than markets were expecting, so the way we are delivering our mission now has to change,” she said
Source: Skynews