London: British Prime Minister liz truss The political honeymoon is enjoyed by the shortest – his chaotic premiership is apparently mortally wounded, despite barely starting.
10 days mourning for the departed Queen Elizabeth IITruss only had a week before his political program exploded, leading to the sacking of his finance minister.
“This is the shelf-life of a lettuce,” The Economist newspaper remarked last week.
Truss was won by members of the Conservative Party by 81,326 votes, compared to 60,399 votes for Rishi Sunak, who had served as finance minister under previous Prime Minister Boris Johnson.
As the new leader of the largest party in parliament that makes him prime minister – despite the support of less than 0.2 percent of the electorate and a minority of his own MPs.
The next day, he is confirmed as Prime Minister by the Queen.
Truss installs like-minded quasi Quarteng as Chancellor of the Exchequer.
In response to Russia’s invasion of Ukraine, the truce unveiled a costly plan to cap domestic energy bills.
But the dramatic announcement is eclipsed by the death of the Queen, which suspends all government business for 10 days.
Quarteng announced a “mini-budget” detailing the energy plan – worth £60 billion ($67 billion) over the next six months.
But there is no way to raise funds.
Instead, he announced massive new borrowing to pay for broader tax cuts – including for top-earners – as well as eliminating a cap on bankers’ bonuses.
The announcement immediately drew political fire for being inappropriate. But the toughest decision comes from the markets as the pound falls to parity against the dollar.
Two days later, on Sunday, Quarteng vows “more to come” on the tax deduction. The next day, when the markets reopen, the pound plunges to new depths.
The budget has been dubbed “kami-quasi” by the media, which begins to report tensions between the Quarteng and Truss, and there is deep unease among Tory MPs, including cabinet ministers.
With turmoil in the bond market crippling British pension funds, the Bank of England announced a two-week program to buy long-term UK bonds, initially valued at £65bn, due to “systematic market conditions”. to restore”.
Pollsters YouGov reports a 33-point lead for the main opposition Labor Party – its biggest difference over the Tories since the rise of former Labor prime minister Tony Blair in the late 1990s.
Other polls also point to an electoral disaster for conservatives. Hours before his keynote speech at the party’s annual convention in early October, Quarteng vowed to “stay on course”.
Quarteng and Truss are forced to take a humiliating U-turn, which after a late-night rush eliminates the planned cut in the top rate of income tax.
In his own convention speech on 5 October, Truss vowed to pursue his “growth, development, development” agenda, but failed to reassure the party’s rebels and panicked markets.
UK government bond yields continue to rise, causing further pain to UK households as mortgage rates rise.
In another face-to-face, Quarteng revealed that it will publish a medium-term financial plan with independent budget forecasts on October 31 – Halloween – instead of the end of November as originally planned.
But on 12 October, the truce ruled out any cuts in public spending, despite no further U-turns on remaining tax cuts, raising the government’s perceptions of chaos.
With markets still bustling and increasing pressure on the truce, the prime minister fired Quarteng after only 38 days in the role.
Quarteng defended the economic program in a letter to the truce, insisting it was needed because “the status quo was simply not an option”.
She is replaced by former Secretary of State Jeremy Hunt.
The Sun Kisses what the right-wing tabloid calls “a day of extraordinary devastation”, the staunch interior minister Suella Braverman He resigned after a dispute with Truss and Hunt over immigration, saying he had “serious concerns” about the government.
Parliament’s vote on banning fracking descends into chaos as Tory lawmakers are told they should vote in line with the government, despite widespread opposition.
Truss won the vote, but many lawmakers revolted anyway, briefing reporters that it was the final nail in the coffin for Truss’s premiership.
10 days mourning for the departed Queen Elizabeth IITruss only had a week before his political program exploded, leading to the sacking of his finance minister.
“This is the shelf-life of a lettuce,” The Economist newspaper remarked last week.
Truss was won by members of the Conservative Party by 81,326 votes, compared to 60,399 votes for Rishi Sunak, who had served as finance minister under previous Prime Minister Boris Johnson.
As the new leader of the largest party in parliament that makes him prime minister – despite the support of less than 0.2 percent of the electorate and a minority of his own MPs.
The next day, he is confirmed as Prime Minister by the Queen.
Truss installs like-minded quasi Quarteng as Chancellor of the Exchequer.
In response to Russia’s invasion of Ukraine, the truce unveiled a costly plan to cap domestic energy bills.
But the dramatic announcement is eclipsed by the death of the Queen, which suspends all government business for 10 days.
Quarteng announced a “mini-budget” detailing the energy plan – worth £60 billion ($67 billion) over the next six months.
But there is no way to raise funds.
Instead, he announced massive new borrowing to pay for broader tax cuts – including for top-earners – as well as eliminating a cap on bankers’ bonuses.
The announcement immediately drew political fire for being inappropriate. But the toughest decision comes from the markets as the pound falls to parity against the dollar.
Two days later, on Sunday, Quarteng vows “more to come” on the tax deduction. The next day, when the markets reopen, the pound plunges to new depths.
The budget has been dubbed “kami-quasi” by the media, which begins to report tensions between the Quarteng and Truss, and there is deep unease among Tory MPs, including cabinet ministers.
With turmoil in the bond market crippling British pension funds, the Bank of England announced a two-week program to buy long-term UK bonds, initially valued at £65bn, due to “systematic market conditions”. to restore”.
Pollsters YouGov reports a 33-point lead for the main opposition Labor Party – its biggest difference over the Tories since the rise of former Labor prime minister Tony Blair in the late 1990s.
Other polls also point to an electoral disaster for conservatives. Hours before his keynote speech at the party’s annual convention in early October, Quarteng vowed to “stay on course”.
Quarteng and Truss are forced to take a humiliating U-turn, which after a late-night rush eliminates the planned cut in the top rate of income tax.
In his own convention speech on 5 October, Truss vowed to pursue his “growth, development, development” agenda, but failed to reassure the party’s rebels and panicked markets.
UK government bond yields continue to rise, causing further pain to UK households as mortgage rates rise.
In another face-to-face, Quarteng revealed that it will publish a medium-term financial plan with independent budget forecasts on October 31 – Halloween – instead of the end of November as originally planned.
But on 12 October, the truce ruled out any cuts in public spending, despite no further U-turns on remaining tax cuts, raising the government’s perceptions of chaos.
With markets still bustling and increasing pressure on the truce, the prime minister fired Quarteng after only 38 days in the role.
Quarteng defended the economic program in a letter to the truce, insisting it was needed because “the status quo was simply not an option”.
She is replaced by former Secretary of State Jeremy Hunt.
The Sun Kisses what the right-wing tabloid calls “a day of extraordinary devastation”, the staunch interior minister Suella Braverman He resigned after a dispute with Truss and Hunt over immigration, saying he had “serious concerns” about the government.
Parliament’s vote on banning fracking descends into chaos as Tory lawmakers are told they should vote in line with the government, despite widespread opposition.
Truss won the vote, but many lawmakers revolted anyway, briefing reporters that it was the final nail in the coffin for Truss’s premiership.