Liz Truss latest news: Senior Tories plot to replace PM with ‘alliance of Sunak and Mordaunt’

Liz Truss is poised to tear up further elements of Kwasi Kwarteng’s disastrous mini-Budget, with a U-turn on corporation tax expected as early as this weekend.

Discussions were understood to be taking place in 10 Downing Street on a means to avoid fresh market panic after the Bank of England withdraws its emergency bond-purchasing scheme at the end of trading on Friday.

It came after The Independent revealed on Tuesday that officials had been asked to go through the tax giveaway Budget line by line to see where there was scope for change.

Read the details in this joint report from Anna Isaac, Andrew Woodcock and Adam Forrest:

Senior Conservatives are holding talks about replacing Liz Truss with a joint ticket of former leadership candidates Rishi Sunak and Penny Mordaunt, according to reports.

Just weeks after Ms Truss became prime minister, MPs are said to be plotting to appoint a unity candidate in an unchalleged “coronation” of a new Tory leader.

It comes as Ms Truss and Kwasi Kwarteng are set to make a U-turn over the corporation tax cuts which were a key pledge of her leadership election campaign.

One Conservative former minister described the move as “desperate” and said it would not be enough to salvage Ms Truss and Mr Kwarteng’s careers.

Read the details in this report from my colleague Maryam Zakir-Hussain: