UK Prime Minister Truss fights to stay in power after tax reform is wrecked

Britain’s Liz Truss struggled to save her position as prime minister on Tuesday after market turmoil over her tax cut plan forced her to make a series of humiliating U-turns that endangered her job.

After just six weeks in office, the beleaguered leader met with senior ministers for his weekly cabinet. The next day, Treasury Secretary Jeremy Hunt announced that nearly all debt-based tax cuts would be rescinded.

Hunt, who replaced former prime minister Kwasi Kwarten last Friday, said he would “consider finding ways to save taxpayers money” before detailing revisions to the government’s Halloween medium-term financial plan. urged ministers to

However, even Conservative MPs have openly declared with opposition MPs that they cannot support her position.

Polls also found her to be the least popular leader ever tracked, with a net favorability rating of -70.

– Spending reduction –

Truss had already staged two embarrassing U-turns before firing his close friend Kwarten, eliminating tax cuts for the wealthiest earners and tax cuts on company profits.

He estimates that all the changes will raise about £32bn ($36bn) a year after economists estimate the government faces a £60bn black hole. Hunt also warned against severe spending cuts.

Truss tried to draw a line under the crisis, largely due to self-harm, by apologizing for the first time in a BBC interview on Monday.

After she tenaciously defended the prime minister for an hour, Truss coyly appeared next to Hunt to take her place when he announced the dismantling of her economic agenda.

– “Ghost PM” –

Even the Daily Telegraph, typically loyal to the Conservative Party, questioned her future.

The paper added that she faces the “disgrace” of becoming the second-shortest prime minister in history unless her own MPs give her a “breather.”

Under current party rules, it cannot be internally challenged through a first-year no-confidence vote, but there is widespread speculation that it could be changed to allow for the vote.

“I think her position is untenable,” Conservative MP Charles Walker told Sky News.

Defense Secretary James Heapy said on Tuesday that Truss had “admitted” his mistakes, but warned that such mistakes cannot be repeated.


UK Prime Minister Truss fights to stay in power after tax reform is wrecked

Source link UK Prime Minister Truss fights to stay in power after tax reform is wrecked

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