Ms. Truss announced Friday that she had replaced Kwasi Kwarteng as Chancellor of the Exchequer and would not fulfill a pledge to scrap an increase in the corporate tax rate
Jeremy Hunt, a former senior cabinet minister, has taken over as chancellor.
On Friday Ms. Truss said she remained focused on her “mission,” but acknowledged that there had been some instability. Throughout the summer, as she campaigned to replace Boris Johnson as party leader and prime minister, Ms. Truss railed against higher taxes and took aim at her rival, former Chancellor Rishi Sunak, for making the decision to increase the corporate tax rate. She said it would stifle investment and stall economic growth and repeatedly promised to cancel the increase. She also vowed to cut the top tax rate for individuals from 45 per cent to 40 per cent, arguing that it would stimulate investment.
Last week Ms. Truss bowed to public pressure and dropped the plan to reduce the top tax rate. That decision came only after she’d been accused of helping wealthy Britons while the rest of the country struggled with rising inflation. But it wasn’t enough to quell the growing discontentment with her leadership.
Her remarks also failed to calm financial markets. Bond prices fell after she spoke, and the pound was down about 2 per cent on the day to US$1.11.
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