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Good morning from the Financial Times. Today is Friday, October 14.

And this is your FT News Briefing.

Wall Street looked at the latest inflation numbers and pretty much shrugged,

and new sanctions on Chinese semiconductor makers are starting to bite.

But first, UK Prime Minister Liz Truss is set for a big U-turn.

We've got the latest on her economic package that's caused so much chaos.

I'm Mark Filipino, and here's the news you need to start your day.

Liz Truss is preparing to rip up the so-called mini-budget that's caused massive turmoil over

the past several weeks. The economic plan was announced last month, and markets immediately

recoiled in response to the proposed tax cuts. The British currency tumbled,

and the Bank of England took the rare move of buying government bonds to stabilize the guilt

market. The FT's economics editor Chris Giles describes a U-turn as catastrophic for Liz Truss'

government. It was the central part of her program. It was the reason she got elected.

So a U-turn means there's really no reason for Liz Truss to be Prime Minister anymore,

and I think it will be very hard to survive this. A turnaround, a U-turn is terrible for her

political credibility, but no U-turn is almost certainly spell immense market uncertainty,

because frankly, the numbers in the public funds simply don't add up.

Now, Chris, aside from the politics, would a U-turn help calm markets at this point?

A full U-turn, that means turning round on all of the unfunded tax cuts, but keeping in place

the energy support for the winter, I think would be remarkably effective in at least stopping

...