British Prime Minister Liz Truss said on Friday that they have decided to keep the corporation tax rise and added that this will act as a downpayment on the medium-term fiscal plan, confirming the earlier reports of a U-turn on the mini-budget.

Additional takeaways

"I am not prepared to accept a lack of growth for our country."

"I want to deliver a low tax, high wage, high growth economy."

"Global economic conditions are worsening."

"It is clear that parts of our mini budget went further and faster than markets were expecting."

"We need to act now to reassure markets of our fiscal discipline."

"We will do whatever is necessary to ensure the debt is falling as a share of GDP in the medium term."

Market reaction

These comments failed to help the British pound find demand and GBP/USD was last seen losing 1.2% on the day at 1.1195.