Liz Truss ditches another big tax cut and fires her finance minister

London(CNN Business) UK Prime Minister Liz Truss has fired finance minister Kwasi Kwarteng and ditched a big part of her discredited economic strategy in a desperate bid to rescue her month-old premiership.

At a Downing Street news conference, Truss said she was scrapping plans to reverse a rise in business taxes, a move that will save £18 billion ($20 billion), after a revolt by investors and members of her own Conservative Party worried about the impact of soaring government borrowing at a time of decades-high inflation.

It was the second climbdown on a key policy this month: On Oct. 3 the government ditched its plan to slash the top rate of income tax, just over a week after it was announced.