Kwasi Kwarteng says he is ‘absolutely 100%’ not resigning as chancellor

Chancellor downplays chances of U-turn

Kwasi Kwarteng has said he is “absolutely 100 per cent” not resigning as chancellor following criticism of his budget.

Speaking on Thursday afternoon, Mr Kwarteng downplayed talk of a U-turn on further measures, telling broadcasters on a trip to New York: “Our position hasn’t changed.”

The chancellor said he would come up with the medium-term fiscal plan on 31 October and that “there will be more detail then”.

It comes amid reports that there are discussions in No 10 over whether to reverse aspects of the Budget package, which caused market chaos and sent interest rates and the cost of government debt surging.

No 10 has already rowed back on a plan to cut the top rate of tax for the higher earners, but is still left with a fiscal black hole of tens of billions of pounds.

Reversing a reduction in planned corporation tax rates has been suggested as another possible U-turn yet to come.

It follows The Independent’s revelation earlier this week that officials at 10 Downing Street are going through the chancellor’s package line-by-line looking for possible climbdowns to restore financial stability.

Mr Kwarteng was speaking to broadcasters during a trip to New York for a meeting of the World Bank and the IMF – which has criticised his policies.