SSeptember 23: In a ‘rabbit out of the hat’ mini-budget surprise, Kwasi Kwarteng announces he is scrapping the top 45p income tax rate. The mini-budget drops the pound to a new 37-year low.

September 25: The Chancellor is accused of further fanning the flames of financial chaos by saying there is ‘more to come’ when asked about future tax cuts.

September 26: After a weekend off, panicked trading resumes and the pound plunges to a record low against the dollar as the price of government bonds soar as investors dump UK bonds.

September 27: The International Monetary Fund (IMF) publishes an extraordinary intervention, urging the Chancellor to “reassess fiscal measures” and warning that the mini-budget risks increasing inequalities.

September 28: The pound takes another hammer blow as the FTSE 100 of the largest companies on the London Stock Exchange falls sharply. Labor leader Sir Keir Starmer is telling the government to recall parliament to allow Mr Kwarteng to abandon his strategy ‘before further damage is done’.

September 29: A shock poll gives Labor a massive 33 percentage point lead over the Tories. Liz Truss and Mr. Kwarteng are convinced that their vision is the “right plan”.

October 2: Ms Truss answers ‘yes’ when asked on the BBC’s Sunday With Laura Kuenssberg program if she is absolutely determined to scrap the 45p tax rate.

October 3: Mr Kwarteng issues a statement at 7:25 a.m. saying the cut has become a “distraction” and the government will back down: “We understand and we have listened.