British Prime Minister Truss faces serious pressure to resign after budget failure

Truss fired Finance Minister Kwasi Quarting after he introduced a mini-budget that plunged Britain’s economy into crisis.

Wpa pool | Getty Images News | Getty Images

LONDON – British Prime Minister Liz Truss is facing calls to resign from her Conservative Party just six weeks after entering Downing Street.

Truss and her ex-Finance Minister Kwasi Kwarting Announce a financial package – the so-called “mini budget” – On September 23. The actions sparked market turmoil, from pound falls to me pension scareand Rare public reprimand from the International Monetary Fund.

Piece by piece, plans have been modified and destroyed – including reversing plans to Cancellation of an increase in corporate taxplans to scrap the top income tax bracket, and shorten the energy guarantee, which is designed to support consumer and commercial energy bills, from just two years to six months.

The The latest plans were announced on Monday by Jeremy HuntOnly three days after he took office as Minister of Finance. He is the fourth person to hold this position since July.

Gears Hunt’s predecessor was sacked on FridayNow lawmakers from across the political spectrum are calling on her to follow him out of the house.

Elected members of Truss’ party are publicly calling for her to resign, while as many as 100 party members are believed to be Have submitted letters of no confidence In the prime minister’s office, according to i.

Angela Richardson, Conservative MP in Guildford, said Truss’s survival as prime minister was “no longer defensible”, speaking on Radio Times on Monday, while Jamie Wallis, the Conservative MP for Bridgend, wrote to the prime minister asking her to resign.

“I am asking you to step down as prime minister because I believe you no longer maintain the confidence of the country or the parliamentary party,” he said. Wallis’ letter He said. “It is the right thing to do to ensure stability, security and prosperity for the people to whom we owe everything.”

Truss' scrapped tax cut plan could not have come at a worse time, says KPMG's head of tax policy

“The Conservative Party no longer has a mandate from the British people,” opposition Labor leader Keir Starmer said on Twitter on Saturday.

Labor also called for Truss to face scrutiny from lawmakers after she answered just four questions from reporters at a news conference on Friday.

“Liz Truss you should take at least [questions] Representatives representing families whose livelihoods are at risk.

A poll from Opinium Research for the Trade Union Conference shows that Labor is poised for a landslide victory in the upcoming elections, according to for the Guardian.

It is not only the current members of parliament who are asking for time gear driving.

“The most likely outcome is that it will fall before Christmas,” former Conservative Chancellor of the Exchequer George Osborne said, speaking on Channel 4’s Andrew Neale Show on Sunday.

More instability awaits us

Truss’ policies – and their repercussions – have bounced back in the financial world, leaving banks to wonder about the prime minister’s future.

“It is not easy to see how Truss – whose personal tenure is now in tatters – can continue to be prime minister for so long,” said analysts at Berenberg Bank.

“We wouldn’t be surprised if Tory lawmakers pressure Truss to resign,” he added [the] Coming days. With more than two years to go until a general election (January 2024), the Conservative Party may decide its best thing to stay in power, analysts at Berenberg said, is to move quickly with a new leader.

Citi went further and questioned whether Truss’s party could survive the current economic crisis.

“The fundamental question here is whether any conservative leader can provide credible economic direction. We are increasingly uncertain,” said an analysis note from the bank.

“This means that Prime Minister Truss is now facing pressure between her parliamentary party on the one hand and the markets on the other… We think that more market instability is likely waiting for us,” she said.

The Cabinet Office did not immediately respond to a request for comment.

Leave a Reply

Your email address will not be published. Required fields are marked *