LIZ Truss dodged a question on whether she has any “credibility” to continue as Prime Minister during a very short press conference from Downing Street.

After sacking Kwasi Kwarteng and appointing Jeremy Hunt as Chancellor amid market turmoil, Truss spoke to the media for around 10 minutes and acknowledged the "difficult" situation.

She told a Downing Street press conference that she would not go ahead with the proposed scrapping of a rise in corporation tax, and bring in £18 billion extra per year.

READ MORE: LIVE: Liz Truss hosts press conference as Kwasi Kwarteng SACKED

"It is clear that parts of our mini-budget went further and faster than markets were expecting," she told journalists. "So the way we are delivering our mission right now has to change.

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

Truss went on to say she was "incredibly sorry" to lose Kwarteng, someone she said "shares my vision" for growth in the UK. She explained that Hunt will take over, as someone who "shares my convictions and my ambitions for our country".

Asked why she should remain PM, Truss said: “What I’ve done today is made sure that we have economic stability in this country.

“Jeremy Hunt as Chancellor is somebody who shares my desire for a high-growth, low-tax economy, but we recognise because of current market issues we have to deliver the mission in a different way.

“And that’s what we are absolutely committed to do – achieving that stability at what is a very difficult time globally.”

The National:

After just a handful of questions Truss left the stage as a journalist could be heard asking "aren't you going to say sorry?".

The pound swung lower after Truss confirmed that the Government will reverse her policy to scrap the planned rise in corporation tax from 19% to 25%.

Sterling had pared back some of its early losses shortly before the Prime Minister’s speech but then dropped back, indicating that traders believe there is still more action to be taken.

The pound moved 1.2% lower at 1.119 against the US dollar after the update.

Meanwhile, yields on gilts – UK Government bonds, which have come under severe pressure in recent weeks – also tipped higher to 4.5%, almost returning to levels from the market opening on Friday.

Commenting on Truss's latest U-turn, SNP Westminster chief Ian Blackford MP said the Prime Minister has "no credibility left", and argued it's "only a matter of time before she's removed from office".

READ MORE: Senior Tories to publicly call for Liz Truss to resign in major blow to PM

"The disastrous policies in the Tory budget were hers," he pointed out. "She trashed the UK economy - and she's to blame for the damage done to people's mortgages, pensions and incomes.

"This U-turn is too little, too late. With her Chancellor gone, and her leadership platform junked, it's unclear what justification there is for the Prime Minister remaining in post. No one can have any confidence in her failed leadership.

"The UK is now on the verge of its fifth prime minister in just seven years, and the UK economy is in yet another crisis of the Tories' making. It's never been clearer that Scotland needs independence to escape the constant crisis of Westminster control."