Tory MPs plot to avert welfare squeeze after humiliating U-turns

Kwasi Kwarteng to bring forward fiscal statement to later this month amid disquiet in party over spending cuts hitting poorest

Conservative MPs are plotting to avert a squeeze on welfare after Liz Truss and Kwasi Kwarteng were forced into a humiliating U-turn on plans to abolish the 45% top rate of income tax.

In another reversal, the Guardian understands Kwarteng will also speed up plans for a new fiscal statement, expected to focus on spending and deregulation. It will now take place later this month, rather than on 23 November as previously scheduled, accompanied by new forecasts from the Office of Budget Responsibility, in another move designed to restore market stability.

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