A former deputy governor of the Bank of England has predicted that the government will row back on its controversial tax cuts, on what he described as a "critical day" for Liz Truss.

Sir John Gieve said: "At some point they're going to have to U-turn on taxes. That will be extremely painful politically for them to do but in a way, the longer they put that off, the more trouble they'll face in the markets." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn