British Prime Minister Liz Truss abandoned the planned corporate tax cut and canceled a key part of an economic plan that sparked weeks of market and political turmoil. Truss said in a hastily arranged press conference on Friday that she is working on "reassuring the markets about fiscal discipline." Prime Minister Kwasi Kwarteng also resigned from the position of Chancellor on Friday, to be replaced by former government minister Jeremy Hunt. Additionally, Truss is trying to restore order after three weeks of turmoil sparked by the government’s "mini-budget" tax cuts. The statement on September 23 led to the pound falling to record lows against the dollar, prompting the Bank of England to intervene to prevent a broader economic crisis. Truss pledged to move forward with other aspects of her economic plan, saying: "I want to deliver low taxes, high wages, and a high-growth economy." Later, British Prime Minister Liz Truss appointed a new Treasury chief before a hastily arranged press conference on Friday, as she struggled to calm the markets and keep her job after issuing a controversial economic plan. Truss appointed former Cabinet minister Jeremy Hunt to this position, making him the fourth Chancellor in the UK this year. He replaced Kwasi Kwarteng, who announced a "mini-budget" to cut taxes just three weeks ago, which led to the pound falling to record lows against the dollar. In the same context, Kwarteng tweeted in his farewell message to Truss, defending the government's economic plan, saying the country is facing a "very difficult" situation and that "maintaining the status quo is not an option." But the market reaction to his dismissal was muted, as investors had already accepted the idea that the government would backtrack on some of its key proposals. Truss is scheduled to hold a press conference later on Friday amid intense pressure to cancel some of the £43 billion ($48 billion) of unfunded tax cuts that unsettled financial markets and prompted the Bank of England to intervene to prevent a broader economic crisis. Senior Conservative Party members were publicly advising the government to take action, as the pound rose 1.7% against the dollar on Thursday and bond markets stabilized amid expectations that Truss would review the economic growth plan.