Kwarteng returns from US early for crisis talks with Truss amid speculation of U-turn and a Tory coup
Kwasi Kwarteng is to cut short his visit to the United States, to hold crunch talks with the Prime Minister before an expected mini-budget U-turn.
The embattled finance chief left the International Monetary Fund gathering and headed home overnight, following a fiery briefing with journalists.
This comes as The Times reported that a group of Conservative MPs are considering a bid to oust Truss and Kwarteng, and install former chancellor Rishi Sunak and ex leadership contender Penny Mordaunt.
It is expected the Truss and Kwarteng will have to embarrassingly U-turn on parts of their controversial mini-budget, including an embarrassing climbdown on Corporation tax.
In wake of a bruising 1922 committee meeting, Tory rebels are said to be considering a ‘unity candidate’.
According to Sky News, Kwarteng dismissed claims returning home early was a sign of panic, and insisted it was to iron out his ‘medium-term plan’.
He has “a very constructive time, spoke to Janet Yellen [the US Treasury secretary], spoke to Kristalina Georgieva, the head of the IMF… and it put everything in a global context… a global set of challenges…” according to a treasury official quoted by Sky News.
The source also rubbished suggestions it was similar to the “completely different” Greek debt crisis.
Yesterday Kwasi Kwarteng insisted he was “not going anywhere”, and “let’s see” when asked about further U-turns.
The chancellor has already been forced into a humiliating U-turn on the scrapping of the 45p tax rate.