A source close to him dismissed suggestions that this represented a sign of panic and insisted that the chancellor’s focus was the medium-term fiscal plan.
Mr Kwarteng had been due to return to the UK from the annual IMF meeting later on Friday, but hasty changes were made.
Pressed on why there was a need for a last-minute schedule change, a Treasury source insisted that it was for talks on “the medium-term fiscal plan”.
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The source said that the IMF trip had “put everything in a global context… a global set of challenges…”
On his return, the chancellor is likely to find a significant section of his mini-budget re-drawn following days of open revolt among Tory MPs and an expectation that another major U-turn is on the cards.
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It comes amid speculation in Westminster about the fate of Mr Kwarteng, only a few weeks into the job, if his financial plans are scrapped in the coming days.
However, Mr Kwarteng has insisted that his position is safe, telling broadcasters: “I am not going anywhere.”
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3:00
Pressure builds on Kwarteng
PM’s key pledge could be next casualty
Meanwhile, mounting pressure has been placed on Prime Minister Liz Truss to reassure the UK’s financial markets and rescue her administration, with her key pledge to scrap the planned increase in corporation tax from 19% to 25% widely seen as a likely casualty.
Downing Street has not denied the policy could be reversed, despite it being one of Ms Truss’s landmark promises.
Image: Former chancellor Rishi Sunak gave no comment when asked about the Truss government tax cuts
Several reports have also suggested that senior Conservatives are plotting the possibility of replacing Ms Truss with a joint ticket of Rishi Sunak and Penny Mordaunt.
The Times newspaper said party grandees are among those considering replacing her with a “unity candidate”.
Sky News understands Downing Street held talks on abandoning more elements of the £43bn tax-cutting mini-budget on Thursday, with proposed changes to corporation tax and dividend tax among the policies being considered.
He also insisted there would be “no real cuts to public spending”, but added that “there are difficult choices” to be made.
“You have to make sure that you know the public is getting value for money. And I make no apologies for that, there has to be some sort of fiscal discipline,” he said.
Since his mini-budget announcement at the end of September, the UK’s financial markets have been reeling, with the Bank of England forced to intervene to restore some sense of stability.
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0:36
Mini-budget caused ‘some turbulence’
‘Get on and do it – we all know it’s coming’
Not only did his policies spook markets, but they also caused anger among the Conservative Party, with some senior Tories calling for changes to be made.
Newly elected Foreign Affairs Committee Chair Alicia Kearns told LBC’s Tonight With Andrew Marr that she wanted the PM to succeed, but added her voice to calls for a change of course on the mini-budget.
She said: “The markets are not woke, the markets are not left. The fact they are not lefty, anti-government, the fact they have been spooked, is something that should be taken incredibly seriously.”
Former chancellor Ken Clarke told Sky News he has “never known a government to make such a catastrophic start”.
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0:44
‘Catastrophic start’ – Ken Clarke slates Truss
Former veterans minister Johnny Mercer also tweeted that the situation “needs a course correction” from Number 10.
“Get on and do it – we all know it’s coming,” he wrote.
The government’s plans revolve around securing an increase in economic growth – with a target of an annual rise of around 2.5% in gross domestic product.
The crucial date will be 31 October, when the forecasts presented by the Office for Budget Responsibility alongside the chancellor’s statement will give an assessment on whether such a plan is realistic.
Israeli troops in Gaza have received the remains of another hostage.
They have now been taken to the National Institute for Forensic Medicine to be examined.
If it is confirmed that they belong to a hostage, this would mean there are five bodies left to be returned under the terms of a ceasefire that began on 10 October.
Israel has also released the bodies of 285 Palestinians – but this identification process is harder because DNA labs are not allowed in Gaza.
Last night’s transfer is a sign of progress in the fragile truce, but some of the remains handed over in recent weeks have not belonged to any of the missing hostages.
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0:31
October: Heavy machinery enters Gaza to clear rubble
At times, Israel has accused Hamas of violating the agreement – however, US President Donald Trump has previously acknowledged conditions on the ground in Gaza are difficult.
Meanwhile, UN officials have warned the levels of humanitarian aid flowing into the territory fall well short of what Palestinians require.
Deputy spokesperson Farhan Haqq said more than 200,000 metric tons of aid is positioned to move in – but only 37,000 tons has arrived so far.
Earlier on Friday, hundreds of mourners attended the military funeral of an Israeli-American soldier whose body was returned on Sunday.
Image: Omer Neutra was an Israeli-American soldier. Pic: AP
Captain Omer Neutra was 21 when he was killed by Hamas militants who then took his body into Gaza following the October 7th attacks.
Admiral Brad Cooper, who heads up US Central Command, said during the service: “He is the son of two nations.
“He embodied the best of both the United States and Israel. Uniquely, he has firmly cemented his place in history as the hero of two countries.”
His mother Orna addressed her son’s coffin – and said: “We are all left with the vast space between who you were to us and to the world in your life and what you were yet to become. And with the mission to fill that gap with the light and goodness that you are.”
Image: IDF troops carry the coffin of hostage Omer Neutra. Pic: AP
In other developments, Turkish prosecutors have issued arrest warrants for Prime Minister Benjamin Netanyahu and 36 other Israeli officials on charges of carrying out “genocide” in Gaza.
They have been accused of crimes against humanity – but the move is highly symbolic since these officials were unlikely to enter Turkey.
Foreign minister Gideon Saar dismissed the warrants, and said: “Israel firmly rejects, with contempt, the latest PR stunt by the tyrant Erdogan.”
In Soviet times, Western observers would scrutinise video footage of state occasions, like military parades on Red Square, to try to learn more about Kremlin hierarchy.
Who was positioned closest to the leader? What did the body language say? Which officials were in and out of favour?
In some ways, not much has changed.
The footage present-day Kremlinologists are currently pouring over is from Wednesday’s landmark meeting of Russia’s Security Council, in which Vladimir Putin told his top officials to start drafting proposals for a possible nuclear weapons test.
It was an important moment. Not one you’d expect a trusted lieutenant to miss. But Sergei Lavrov, Russia’s veteran foreign minister, was conspicuously absent – the only permanent member of the Council not present.
According to the Russian business daily, Kommersant, his absence was “coordinated”.
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Image: US President Donald Trump meets with Russia’s President Vladimir Putin in Alaska. Pic: AP
Image: Sergey Lavrov and Marco Rubio in Alaska. Pic: AP
That episode alone would have been enough to raise eyebrows.
But coupled with the selection of a more junior official to lead the Russian delegation at the upcoming G20 summit (a role Lavrov has filled in recent years) – well, that’s when questions get asked, namely: Has Moscow’s top diplomat been sidelined?
The question has grown loud enough to force the Kremlin into a denial, but it’s done little to quell speculation that Lavrov has fallen out of favour.
Image: Russian foreign minister Sergei Lavrov. File pic: Reuters
Rumours of a rift have been mounting since Donald Trump called off a planned summit with Putin in Budapest last month, following a phone call between Lavrov and US secretary of state Marco Rubio.
According to the Financial Times, it was Lavrov’s uncompromising stance that prompted the White House to put the summit on ice.
Conversations I had with diplomatic sources here at the time revealed a belief that Lavrov had either dropped the ball or gone off-script. Whether it was by accident or by design, his diplomacy (or lack of it) torpedoed the summit and seemingly set back a US-Russia rapprochement.
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2:19
September: Anyone downing aircraft in Russian airspace will ‘regret it’
That would’ve angered Putin, who is keen to engage with Washington, not only on Ukraine but on other issues, like nuclear arms control.
More importantly, perhaps, it made the Russian president appear weak – unable to control his foreign minister. And Putin is not a man who likes to be undermined.
Football fans will be familiar with Sir Alex Ferguson’s golden rule of management: Never let a player grow bigger than the club. Putin operates in a similar fashion. Loyalty is valued extremely highly.
Image: Lavrov meets with his Iranian counterpart Mohammad Javad Zarif in 2015. Pic: Reuters
Image: North Korea’s Kim Jong Un and Lavrov meet in Pyongyang in 2023. Pic: AP
Image: Lavrov and Chinese counterpart Wang Yi meet in Indonesia in 2022. Pic: Reuters
If Lavrov has indeed been sidelined, it would be a very significant moment indeed. The 75-year-old has been the face of Russian diplomacy for more than two decades and effectively Putin’s right-hand man for most of the Kremlin leader’s rule.
Known for his abrasive style and acerbic putdowns, Lavrov has also been a vociferous cheerleader for Russia’s invasion of Ukraine.
And in the melee that immediately followed the presidents’ press statements at the summit, I remember racing over to Lavrov as he was leaving and yelling a question to him through the line of security guards.
He didn’t even turn. Instead, he just shouted back: “Who are you?”
It was typical of a diplomatic heavyweight, who’s known for not pulling his punches. But has that uncompromising approach finally taken its toll?
But as the tropical rain beat down on the tarpaulin roof of this temporary summit venue, it’s hard not to feel the air going out of the process.
Image: The Prince of Wales is passionate about fighting climate change. Pic: Reuters
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3:05
COP30: India’s climate refugees
Sir Keir and Prince William’s presence doesn’t make up for the geopolitical weight of the elephants not in the room.
The leaders of China, the US and India – the world’s three largest contributors to climate change – are no-shows.
Donald Trump’s highly-publicised decision to withdraw America from the UN climate talks is a blow.
Before Mr Trump, America – the world’s largest economy, largest oil and gas producer, and major market for renewable energy – had serious deal-making power here.
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Having formally withdrawn, there is no US delegation.
And, as far as I can tell, any US broadcasters either, so for Americans, this meeting may as well not be happening at all.
Image: Pic: Reuters
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26:13
Cop out: Is net zero dead?
Without the US, things will be harder.
But does that mean the process is doomed?
The leaders of China and India may be absent but they’ve sent high-level delegations.
China is represented by vice-premier Ding Xuexiang, the country’s most high-ranking politician after President Xi himself.
And, while China and India might not be big on eco-messaging, between them they are busy driving the most rapid shift away from fossil fuels towards wind, solar and nuclear power the world has ever seen.
What’s more, the real work at these summits isn’t done by heads of state, but experienced sherpas, some of whom have trodden the nylon carpeted corridors of COP for 30 years.
Image: The Prince of Wales with Prime Minister Keir Starmer. Pic: PA
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1:00
Prince takes a tumble on Brazil beach
It’s reasonable to ask what they’ve achieved in all that time.
The commitments of the Paris agreement of a decade ago have been missed by a wide margin.
The world is about to blow past 1.5 degrees of warming and almost certainly exceed two degrees as well.
But when the Paris deal was signed, the trajectory was for four degrees of warming.
There are good COPs and bad COPs, but the world is undoubtedly a safer place now than it would have been without them.