Prime Minister Liz Truss has reversed her policy to scrap the planned rise in corporation tax from 19 percent to 25 percent.
Ms Truss said: "Parts of our mini-budget went further and faster than markets were expecting.
“I have therefore decided to keep the increase in corporation tax planned by the previous Government."
Ms Truss opened her press conference by saying her conviction for growth is rooted in her personal experiences.
Liz Truss
POOL
Jeremy Hunt
Dominic Lipinski
Speaking at a press conference in Downing Street, the Prime Minister said: “My conviction that this country needs to go for growth is rooted in my personal experience.
“I know what it’s like to grow up somewhere that isn’t feeling the benefits of growth. I saw what that meant. And I’m not prepared to accept that for our country. I want a country where people can get good jobs, new businesses can set up and families can afford an even better life.
“That’s why from day one, I’ve been ambitious for growth.”
Ms Truss insisted that she will “always act in the national interest”, adding: “We will get through this storm.”
Asked whether she should resign, Ms Truss said: “I am absolutely determined to see through what I have promised.”
She added: “I want to be honest, this is difficult, but we will get through this storm. And we will deliver the strong and sustained growth that can transform the prosperity of our country for generations to come.”
Ms Truss' comments come hours after she sacked Kwasi Kwarteng as Chancellor and replaced him with Jeremy Hunt.
The PM continued: “I met the former chancellor earlier today.
“I was incredibly sorry to lose him.
“He is a great friend and he shares my vision to set this country on the path to growth.
“Today, I have asked Jeremy Hunt to take over as Chancellor – he is one of the most experienced and widely respected Government ministers and parliamentarians.
“He shares my convictions and my ambitions for our country.”