It is one more humiliating reversal for the new prime minister. Read more here
“It is clear that part of our mini budget went further and faster than the markets were expecting,” Truss said Friday in a short press conference. “So the way we are delivering our mission right now has to change.”
The move follows the reversal by Truss and Kwarteng last week of another of their measures, a plan to abolish the 45 per cent rate of income tax levied on the U.K.’s top earners. Truss expects Hunt to commit to carrying out no further U-turns on her economic plans, according to a person familiar with the matter, who asked not to be named discussing private deliberations.Article content
Truss’s reversal is also a victory of sorts for Bank of England Governor Andrew Bailey, after the central bank was forced into the contradictory position of buying bonds to shore up the gilt market while raising rates to try to rein in inflation.Article contentThis week, Bailey reiterated that the emergency program would end as planned on Friday, putting the BOE’s credibility on the line in the face of pressure to extend the purchases.
As well as appointing Hunt, Truss replaced Kwarteng’s deputy, Chris Philp, with Edward Argar. Philp moved to a ministerial post in the Cabinet Office.
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