Overnight, Kwasi Kwarteng made a dramatic late-night dash from DC, where he was meant to be attending IMF meetings until Sunday. He will return for urgent discussions with Liz Truss as reports of a planned government U-turn on corporation tax swirl in SW1. Though one source quoted in the Financial Times claims “Almost everything in the Budget is now up for grabs”. 

To everything there is a season – turn, turn, turn…  

For those who enjoyed the excitement of tracking Priti Patel’s flight back to the UK ahead of her sacking by Theresa May, you can follow Kwasi’s flight in real time here. As coincidences would go Kwasi appears to be sharing his flight back with Johnny Marr’s drummer…

Mel Stride, Chair of the Treasury Select Committee, spoke on the Today Programme and welcomed a U-Turn. He called it a “powerful” signal to markets and added the government’s “fiscal credibility is now firmly back on the table”. He added the Conservative party should give the government “more time” and space to “rest”. How generous…

Sterling and bond markets had rallied following the first reports of a U-turn, which only adds on the pressure for more reversals. Elsewhere in the markets, today is the final day of the Bank of England’s gilt operations. Although gilt markets appeared steady this morning, the real test will come on Monday…