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.
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.
Last year was the warmest on record, the first to breach a symbolic threshold, and brought with it deadly impacts like flooding and drought, scientists have said.
Two new datasets found 2024 was the first calendar year when average global temperatures exceeded 1.5C above pre-industrial levels – before humans started burning fossil fuels at scale.
What caused 2024 record heat – and is it here to stay?
Friends of the Earth called today’s findings from both the EU’s Copernicus Climate Change service and the Met Office “deeply disturbing”.
The “primary driver” of heat in the last two years was climate change from human activity, but the temporary El Nino weather phenomenon also contributed, they said.
The breach in 2024 does not mean the world has forever passed 1.5C of warming – as that would only be declared after several years of doing so, and warming may slightly ease this year as El Nino has faded.
But the world is “teetering on the edge” of doing so, Copernicus said.
Prof Piers Forster, chair of the UK’s Climate Change Committee, called it a “foretaste of life at 1.5C”.
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Dr Gabriel Pollen, Zambia’s national coordinator for disasters, said “no area of life and the economy is untouched” by the country’s worst drought in more than 100 years.
Six million people face starvation, critical hydropower has plummeted, blackouts are frequent, industry is “decimated”, and growth has halved, he said.
Paris goal ‘not obsolete’
Scientists were at pains to point out it is not too late to curb worse climate change, urging leaders to maintain and step up climate action.
Professor Forster said temporarily breaching 1.5C “does not mean the goal is obsolete”, but that we should “double down” on slashing greenhouse gas emissions and on adapting to a hotter world.
The Met Office said “every fraction of a degree” still makes a difference to the severity of extreme weather.
Copernicus director Carlo Buontempo added: “The future is in our hands: swift and decisive action can still alter the trajectory of our future climate”.
Climate action is ‘economic opportunity’
Copernicus found that global temperatures in 2024 averaged 15.10°C, the hottest in records going back to 1850, making it 1.60°C above the pre-industrial level during 1850-1900.
The Met Office’s data found 2024 was 1.53C above pre-industrial levels.
The figures are global averages, which smooth out extremes from around the world into one number. That is why it still might have felt cold in some parts of the world last year.
Greenpeace campaigner Philip Evans said as “the world’s most powerful climate denier” Donald Trump returns to the White House, others must “take up the mantle of global climate leadership”.
The UK’s climate minister Kerry McCarthy said the UK has been working with other countries to cut global emissions, as well as greening the economy at home.
“Not only is this crucial for our planet, it is the economic opportunity of the 21st century… tackling the climate crisis while creating new jobs, delivering energy security and attracting new investment into the UK.”
Photographs have captured the moments after a baby girl was born on a packed migrant dinghy heading for the Canary Islands.
The small boat was carrying 60 people and had embarked from Tan-Tan – a Moroccan province 135 nautical miles (250km) away.
One image shows the baby lying on her mother’s lap as other passengers help the pair.
The boat’s passengers – a total of 60 people, including 14 women and four children – were rescued by a Spanish coastguard ship.
Coastguard captain Domingo Trujillo said: “The baby was crying, which indicated to us that it was alive and there were no problems, and we asked the woman’s permission to undress her and clean her.
“The umbilical cord had already been cut by one of her fellow passengers. The only thing we did was to check the child, give her to her mother and wrap them up for the trip.”
The mother and baby were taken for medical checks and treated with antibiotics, medical authorities said.
Dr Maria Sabalich, an emergency coordinator of the Molina Orosa University Hospital in Lanzarote, said: “They are still in the hospital, but they are doing well.”
When they are discharged from hospital, the pair will be moved to a humanitarian centre for migrants, a government official said.
They will then most likely be relocated to a reception centre for mothers and children on another of the Canary Islands, they added.
Thousands of migrants board boats attempting to make the perilous journey from the African coast to the Spanish Canaries each year.
In 2024, a total of 9,757 people died on the route, according to Spanish migration charity Walking Borders.
Mr Trujillo said: “Almost every night we leave at dawn and arrive back late.
“This case is very positive, because it was with a newborn, but in all the services we do, even if we are tired, we know we are helping people in distress.”
A real-life drama is unfolding just outside Hollywood. Ferocious wildfires have ballooned at an “alarming speed”, in just a matter of hours. Why?
What caused the California wildfires?
There are currently three wildfires torching southern California. The causes of all three are still being investigated.
The majority (85%) of all forest fires across the United States are started by humans, either deliberately or accidentally, according to the US Forest Service.
But there is a difference between what ignites a wildfire and what allows it to spread.
However these fires were sparked, other factors have fuelled them, making them spread quickly and leaving people less time to prepare or flee.
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1:35
LA residents face ‘long and scary night ahead’
What are Santa Ana winds?
So-called Santa Ana winds are extreme, dry winds that are common in LA in colder winter months.
The California Department of Forestry and Fire Protection warned strong Santa Ana winds and low humidity are whipping up “extreme wildfire risks”.
Winds have already topped 60mph and could reach 100mph in mountains and foothills – including in areas that have barely had any rain for months.
It has been too windy to launch firefighting aircraft, further hampering efforts to tackle the blazes.
These north-easterly winds blow from the interior of Southern California towards the coast, picking up speed as they squeeze through mountain ranges that border the urban area around the coast.
They blow in the opposite direction to the normal onshore flow that carries moist air from the Pacific Ocean into the area.
The lack of humidity in the air parches vegetation, making it more flammable once a fire is started.
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0:59
Wildfires spread as state of emergency declared
The ‘atmospheric blow-dryer’ effect
The winds create an “atmospheric blow-dryer” effect that will “dry things out even further”, said Daniel Swain, a climate scientist at University of California, Los Angeles (UCLA).
The longer the extreme wind persists, the drier the vegetation will become, he said.
“So some of the strongest winds will be at the beginning of the event, but some of the driest vegetation will actually come at the end, and so the reality is that there’s going to be a very long period of high fire risk.”
What role has climate change played?
California governor Gavin Newsom said fire season has become “year-round in the state of California” despite the state not “traditionally” seeing fires at this time of year – apparently alluding to the impact of climate change.
Scientists will need time to assess the role of climate change in these fires, which could range from drying out the land to actually decreasing wind speeds.
But broadly we know that climate change is increasing the hot, dry weather in the US that parches vegetation, thereby creating the fuel for wildfires – that’s according to scientists at World Weather Attribution.
But human activities, such as forest management and ignition sources, are also important factors that dictate how a fire spreads, WWA said.
Southern California has experienced a particularly hot summer, followed by almost no rain during what should be the wet season, said Professor Alex Hall, also from UCLA.
“And all of this comes on the heels of two very rainy years, which means there is plenty of fuel for potential wildfires.
“These intense winds have the potential to turn a small spark into a conflagration that eats up thousands of acres with alarming speed – a dynamic that is only intensifying with the warmer temperatures of a changing climate.”
The flames from a fire that broke out yesterday evening near a nature reserve in the inland foothills northeast of LA spread so quickly that staff at a care home had to push residents in wheelchairs and hospital beds down the street to a car park.