LIZ Truss will hold a press conference on Friday, Downing Street has confirmed.

The announcement comes as the prime minister and Chancellor Kwasi Kwarteng are expected to confirm a major U-turn on the mini-budget.

Mr Kwarteng flew back to London on Friday for crisis talks after cutting short a visit to the International Monetary Fund’s annual meeting in Washington.

It follows days of turmoil in the markets amid concerns about the impact of his £43 billion tax giveaway on the public finances.

What time is Liz Truss speaking today?

The prime minister is expected to hold the press conference at 2pm, The Guardian reports.

Downing Street on Thursday did not deny that the potential exists for a reversal on the corporation tax policy, one of the landmark promises made by Ms Truss in her pitch to become Tory leader.

It came amid reports that talks were under way between No 10 and the Treasury on abandoning elements of the £43 billion tax-cutting plan.

Speculation was fuelled further when the Chancellor, in an interview with the Telegraph, only said “let’s see” when asked about the expectation from financial markets that the Government could ditch its corporation tax promise.

The Times' Steven Swinford has been told Liz Truss could be planning a major shake-up.

Reports even suggest Kwasi Kwarteng could be sacked as chancellor although Downing Street is yet to comment on the reports.