London: Prime Minister of Britain liz truss Crisis talks on Sunday with his almighty new finance minister emphasized his devotion to “sound” economics, and a tense week of plotting by Conservative critics.
with the US President Joe Biden engaging in attacks on its economic agenda, truss admitted it was a “wrench” to fire his friend quasi quartengo as Chancellor of the Exchequer.
But writing in the Sun in Sunday’s newspaper, she said: “We cannot pave the way for a low-tax, high-growth economy without upholding the markets’ confidence in our commitment to sound money.”
That confidence was jeopardized on 23 September when Quarteng and Truss unveiled a right-wing program inspired by 1980s US President Ronald Reagan, notably £45 billion ($50 billion) in tax cuts financed by high debt. ).
In response, markets plummeted, borrowing costs rose for millions of Britons, and the Conservatives’ poll ratings similarly fell, leading to an open war in the governing party just weeks after the truce succeeded Boris Johnson.
Despite being a co-writer of the package, she dramatically fired Quarteng on Friday. his replacement Jeremy Hunt Now scrapping tax cuts, while pressing by his cabinet colleagues to impose tough spending restrictions, even Britons face a subsistence crisis.
The new chancellor met Truss at the prime minister’s country retreat on Sunday and outlined a new budget plan, which he is due to deliver on October 31.
“It’s going to be very difficult, and I think we have to be honest with people about it,” to hunt said in a BBC television interview broadcast on Sunday.
She defended him after the climb of the truss, and after a disastrous news conference he held on Friday shortly after Quarteng’s sacking.
“He is set to do the hardest things in politics, and that is to change behaviour,” Hunt said, adding: “The prime minister is in charge.”
Newspapers and several Tories questioned that decision, arguing that the truce’s central policy platform is now in ruins.
The Treasury declined to confirm reports that Hunt plans to delay a planned cut in the basic rate of income tax, kicking off another title measure announced by the new government last month.
The Sunday Times and Sunday Express said up to 100 letters expressing disbelief in the truce have been submitted by Tory lawmakers.
The opponents are said to have been united around Truss’s defeated leadership rival Rishi Sunak and a one-time foe, penny mordauntFor a possible “unity ticket” to rebuild the stricken Tories.
The Sunday Mirror reported that Defense Secretary Ben Wallace could be another compromise candidate for leader.
“I worry that over the past few weeks, the government has looked like moderate jihadists and treated entire countries as laboratory rats in which to conduct ultra, ultra free-market experiments,” Tory MP Robert Halfon, who criticized the craze. backed out, told Sky News.
“Of course, colleagues are unhappy with what is happening with the bleeding in the opinion polls,” he said. “It’s inevitable that colleagues … are talking to see what can be done about it.”
But Johnson loyalists – still troubled by Sunak’s alleged infidelity to the scandal-tainted former leader – warned against a coronation that cuts off Tory grassroots members, asking the party to hold an early general election. You will have to face irresistible pressure.
The coming week could be crucial for the truce, which will begin with the first reaction on the bond and currency markets when trading resumes on Monday, and as its turbulent members of parliament reunite in Westminster.
Hunt has garnered at least significant support from Bank of England Governor Andrew Bailey, who by Friday had to make costly interventions to calm bond markets.
Bailey welcomed a “very frank and immediate meeting of minds” with the new chancellor, as the central bank prepares to hold its next rate-setting meeting on 3 November.
But Biden, in a highly unusual interference in the financial affairs of an aide, denounced the truss’s efforts to cut taxes on the “super-rich.”
The Democratic president argued, “I wasn’t the only one who thought it was a mistake.”
with the US President Joe Biden engaging in attacks on its economic agenda, truss admitted it was a “wrench” to fire his friend quasi quartengo as Chancellor of the Exchequer.
But writing in the Sun in Sunday’s newspaper, she said: “We cannot pave the way for a low-tax, high-growth economy without upholding the markets’ confidence in our commitment to sound money.”
That confidence was jeopardized on 23 September when Quarteng and Truss unveiled a right-wing program inspired by 1980s US President Ronald Reagan, notably £45 billion ($50 billion) in tax cuts financed by high debt. ).
In response, markets plummeted, borrowing costs rose for millions of Britons, and the Conservatives’ poll ratings similarly fell, leading to an open war in the governing party just weeks after the truce succeeded Boris Johnson.
Despite being a co-writer of the package, she dramatically fired Quarteng on Friday. his replacement Jeremy Hunt Now scrapping tax cuts, while pressing by his cabinet colleagues to impose tough spending restrictions, even Britons face a subsistence crisis.
The new chancellor met Truss at the prime minister’s country retreat on Sunday and outlined a new budget plan, which he is due to deliver on October 31.
“It’s going to be very difficult, and I think we have to be honest with people about it,” to hunt said in a BBC television interview broadcast on Sunday.
She defended him after the climb of the truss, and after a disastrous news conference he held on Friday shortly after Quarteng’s sacking.
“He is set to do the hardest things in politics, and that is to change behaviour,” Hunt said, adding: “The prime minister is in charge.”
Newspapers and several Tories questioned that decision, arguing that the truce’s central policy platform is now in ruins.
The Treasury declined to confirm reports that Hunt plans to delay a planned cut in the basic rate of income tax, kicking off another title measure announced by the new government last month.
The Sunday Times and Sunday Express said up to 100 letters expressing disbelief in the truce have been submitted by Tory lawmakers.
The opponents are said to have been united around Truss’s defeated leadership rival Rishi Sunak and a one-time foe, penny mordauntFor a possible “unity ticket” to rebuild the stricken Tories.
The Sunday Mirror reported that Defense Secretary Ben Wallace could be another compromise candidate for leader.
“I worry that over the past few weeks, the government has looked like moderate jihadists and treated entire countries as laboratory rats in which to conduct ultra, ultra free-market experiments,” Tory MP Robert Halfon, who criticized the craze. backed out, told Sky News.
“Of course, colleagues are unhappy with what is happening with the bleeding in the opinion polls,” he said. “It’s inevitable that colleagues … are talking to see what can be done about it.”
But Johnson loyalists – still troubled by Sunak’s alleged infidelity to the scandal-tainted former leader – warned against a coronation that cuts off Tory grassroots members, asking the party to hold an early general election. You will have to face irresistible pressure.
The coming week could be crucial for the truce, which will begin with the first reaction on the bond and currency markets when trading resumes on Monday, and as its turbulent members of parliament reunite in Westminster.
Hunt has garnered at least significant support from Bank of England Governor Andrew Bailey, who by Friday had to make costly interventions to calm bond markets.
Bailey welcomed a “very frank and immediate meeting of minds” with the new chancellor, as the central bank prepares to hold its next rate-setting meeting on 3 November.
But Biden, in a highly unusual interference in the financial affairs of an aide, denounced the truss’s efforts to cut taxes on the “super-rich.”
The Democratic president argued, “I wasn’t the only one who thought it was a mistake.”