Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. But the market response was muted and the political reaction to what many saw as panicked moves left Truss' credibility in tatters after only six weeks in office.
Britain's Prime Minister Liz Truss attends a press conference in the Downing Street Briefing Room in central London, Friday Oct. 14, 2022, following the sacking of the finance minister in response to a budget that sparked markets chaos. sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets.
The government’s Sept. 23 announcement that it planned to cut taxes by 45 billion pounds without detailing how it would pay for them or offering independent analysis about the impact on public finances raised concerns that government borrowing could rise to unsustainable levels. That sent the pound plunging to a record low against the dollar and forced the Bank of England to step in to prevent a wider economic crisis.But her brief, downbeat news conference is unlikely to have reassured“I think she’s just confirmed that she’s not the right person for the job,” said Tim Bale, professor of politics at Queen Mary University of London. “I don’t think it communicated the kind of confidence the country needs right now.
“Whether or not she remains prime minister, her whole agenda now, her ability to pursue her political project, if you like, is really out of her hands,” said Jill Rutter, a senior fellow at the Institute for Government, a London-based think tank.is also facing pressure from across the political spectrum.
The opposition Liberal Democrats called for an emergency weekend session of the House of Commons for Hunt to provide more detail on the government’s economic plan. Scotland’s first minister, Nicola Sturgeon called for an early general election. And the BBC reported that a group of senior Conservative lawmakers are planning to call for’ future is in doubt less than six weeks after she took office promising to re-energize the British economy and put the nation on a path to “long-term success.
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