Austerity is back, people. That’s what our economics editor Chris Giles gleaned from Liz Truss’s speech earlier today, where the UK prime minister made a humiliating U-turn, announcing she would scrap corporation tax cuts set out in the government’s ‘mini’ Budget less than a month ago. The announcement came only a couple of hours after it was revealed she had sacked chancellor Kwasi Kwarteng for his role in drawing up the ‘mini’ Budget. But the policy change is likely to leave a black hole of several tens of billions of pounds in the public finances, economists warn. — so how will Truss plug the gap? Head to ft.com for the full story #financialtimes #uk #ukeconomy #politics #liztruss #kwasikwarteng #tories