Liz Truss is expected to be forced to scrap parts of her mini-budget in the days to come, amid growing pressure on the Prime Minister to reassure markets and rescue her administration.
Chancellor Kwasi Kwarteng is set to return from the International Monetary Fund’s (IMF) annual meeting in Washington to London this weekend, where he is likely to find a significant section of his mini-budget re-drawn after days of open revolt among Tory MPs and an emerging market consensus that another U-turn is on the cards.
However, according to the BBC, the Chancellor has now cancelled planned meetings in the US and is leaving a day early for “crunch talks in the UK” over the mini-budget.
Elsewhere, ministers are scrambling to save a trade deal with India after Suella Braverman’s comments put the government’s flagship deal on the brink of collapse.
Braverman expressed “reservations” about the prospects of an agreement in an interview last week with The Spectator.
“Look at migration in this country – the largest group of people who overstay are Indian migrants,” she told the magazine.
“We even reached an agreement with the Indian government last year to encourage and facilitate better co-operation in this regard. It has not necessarily worked very well.”
Her comments were reported to have provoked a furious reaction from ministers and officials in New Delhi.
It was a point, among several others, that shadow home secretary Yvette Cooper expertly put to Braverman in the House of Commons this week.
Watch her masterclass in full below:
Related: Ministers say there is no rush to sign a free trade deal with India