British prime minister Liz Truss vowed to see through her low-tax agenda as she announced a major U-turn after sacking Kwasi Kwarteng as chancellor.
The Prime Minister said her mission remains the pursuit of a "low-tax, high-wage, high-growth economy" but accepted parts of the mini-budget last month went "further and faster" than markets had expected.
Admitting she had to change course, she reversed a key policy to scrap the planned rise in corporation tax from 19% to 25%.
Speaking at a hastily-arranged Downing Street press conference, she said: "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 right now has to change."
But asked whether she should resign, Ms Truss said: "I am absolutely determined to see through what I have promised."
Ms Truss said she took "difficult decisions" in the interests of "economic stability".
She was asked why she gets to stay in No 10 when Kwasi Kwarteng, with whom she designed the mini-budget in lockstep, was sacked.
Ms Truss told a brief press conference: "Well, my priority is making sure we deliver the economic stability that our country needs.
"That's why I had to take the difficult decisions I've taken today.
"The mission remains the same. We do need to raise our country's economic growth levels. We do need to deliver for people across the country. We're committed to delivering on the energy price guarantee which people are already seeing in their bills.
"But ultimately, we also need to make sure that we have economic stability, and I have to act in the national interest as prime minister."
The pound swung lower after Ms Truss spoke this afternoon. Sterling had pared back some of its early losses shortly before the prime minister's speech but then dropped back, indicating that traders believe there is still more action to be taken.
The pound moved 1.2% lower at 1.119 against the US dollar after the update.
Meanwhile, yields on gilts - UK government bonds, which have come under severe pressure in recent weeks - also tipped higher to 4.5%, almost returning to levels from the market opening on Friday.
Labour leader Sir Keir Starmer said Kwasi Kwarteng's sacking does not "undo the damage" already inflicted.
He tweeted: "Changing the chancellor doesn't undo the damage made in Downing Street.
"Liz Truss' reckless approach has crashed the economy, causing mortgages to skyrocket, and has undermined Britain's standing on the world stage.
"We need a change in government. With my leadership, Labour will secure Britain's economy and get us out of this mess."
