UK Prime Minister Truss fights to stay in power after tax reform is wrecked
British Prime Minister Liz Truss struggled on Tuesday to stabilize her position after the economic crisis forced a humiliating U-turn on tax reform that put her future as a leader in doubt.
“It is difficult to imagine a political and economic crisis more severe these days than the UK is currently facing,” wrote the right-wing broadsheet The Daily Telegraph in an editorial.
Mr Truss was scheduled to meet with the Cabinet on Tuesday to try to garner support among Conservative MPs. Some Conservative MPs have said he has no future as prime minister.
Right-wing tabloid The Sun on Tuesday called Truss a “ghost PM,” while left-wing tabloid The Mirror called the situation a “devastating humiliation.”
This comes after new Finance Minister Jeremy Hunt, in a brief televised statement on Monday, reversed almost all of the debt-fueled tax cuts announced in the budget last month by his dismissed predecessor Kwasi Kwarten. was.
The announcement comes as the Truss’ ruling Conservative Party plummets in the polls amid a reversal and a worsening cost-of-living crisis in the UK.
The British media likened Hunt’s dramatic intervention to a coup, and The Telegraph cartoonized Hunt as a troubled general who “takes temporary control to stabilize the situation.”
Conservative MP Roger Gale said Mr Hunt had become “the de facto prime minister”. It is reported
“If she doesn’t go now, it’s not her decision,” he warned.
Asked by Sky News if Truss is a “Prime Minister in name only”, Heapy said, “She has been very outspoken about the mistakes she has made and has apologized for it.. There is leadership in doing that.” .
Mr Truss fired his close friend Mr Quarten on Friday. Fierce speculation about her political future a month into her inauguration as their tax cut budget sent her bond yields skyrocketing and fears of a surge in UK debt drove the pound to a record low against the dollar. increased.
Hunt’s reversal of strategy included lowering the £2,500 cap on energy bills for all UK citizens announced by Truss from two years to six months, after which he promised a new approach.
Hunt’s actions on Monday sent the British pound sharply higher against the dollar and euro, pushing bond yields lower.
…
first published as UK Prime Minister Truss fights to stay in power after tax reform is wrecked
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
