Liz Truss could be Prime Minister last week

Liz Truss could be Prime Minister last week
internationalOct 17 22:37author: Mark Van Harfield

A group of senior Conservative MPs discussed the political future of hard-hit British Prime Minister Liz Truss on Monday. Some want her to step down in a few days, others say she is now “in her position but not in a position of control”. “It’s Benno,” says former UK correspondent Peter de Ward: The Prime Minister is in name only. “It could be the last week because there’s an open rebellion.”

“Everyone has lost faith at this huge juncture. It has made promises to cut taxes and increase spending, and now it has to reverse it all. One measure after another is being reversed. (ANP / Associated Press / Daniel Leal)

“Three Tory MPs have publicly called for her resignation,” says De Ward.

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party interest

However, Truss’s allies are warning fellow party members that her resignation could lead to an election, which would be disastrous for the Conservatives. In their view, the party is “over”. But even within the Cabinet, support for the prime minister is evaporating with each passing hour. A former minister of . said Watchman That Truss is “in the departure lounge,” and he knows it. “The issue now is whether she’s going to take part in the process and go along on her own terms to some extent, or whether she’s trying to resist and is fired.”

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Another MP said it would be “strange” for Truss to have to answer questions in the House of Commons again after a series of public humiliations about her tax plans, then turn around and throw her in front of the bus. Its ally and co-designer of its offending plans, former Finance Minister Kwasi Kwarting. Truss looks full, with even Britain’s Daily Star asking the reader who will survive the longest, ‘thawed’ Prime Minister Liz Truss or a head of iceberg lettuce.

dinner for adults

Between 15 and 20 former ministers and other senior MPs were reportedly invited to the so-called “Grand Dinner”, a gathering organized by prominent supporters of Rishi Sunak, Boris Johnson’s finance minister and Truss’ US counterpart. Conservative leadership. On the agenda: How and when can Truss be expelled? How and when are Sunak and fellow leadership candidate Penny Mordaunt installed?

rescue mission

The battle over Truss’ political future broke out in earnest after newly appointed Treasury Secretary Hunt BBC interview He said it was a mistake to announce a series of tax cuts without explaining how they would be funded. Saturday night said that the mini-budget for Truss “It went too far and too fast.”

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trash can

Hunt rejected the economic plans that allowed Truss to win the Conservative leadership, saying some taxes would rise as government spending was curbed. “There will be no easy choices – they will be very difficult,” he said. “A lot of the things people hope to achieve won’t happen.” While it doesn’t guarantee benefits will keep pace with inflation, Hunt said it is “very sensitive to the needs” of the poorest families.

dagger in the back

De Ward sees interviewing Hunt in which he makes mincemeat from Truss’ economic plans as a dagger in the back. “She lost everyone’s confidence at this huge juncture. She came with promises to cut taxes and increase spending, and now she has to reverse it all. One measure after another is being reversed. Essentially Hunt says it will take everything back. The question is whether the City of London has confidence. Enough in Truss This will be evident this week by the pound exchange rate and interest rates in England.

Doesn’t Hunt have leadership aspirations of his own? After all, being a finance minister under Truss is not without risks. He tried twice before and twice before losing. “It is very difficult to estimate whether he still has a chance.”

Further changes to the so-called “mini-budget” are also being examined. Tomorrow Hunt and Truss will review their plans for their medium-term budget statement on October 31. Hunt will then rethink a tax on energy companies, and is already planning to delay the income tax cut (another key part of the Truss package). However, more and more party members doubt whether Truss will still be in the saddle by then.

Read also | British Chancellor of the Exchequer cancels tax plans

Resignation or motion of no-confidence

While it is still hard to see how much support Truss can still count on, the remaining allies are fighting hard to support her. For example, loyalists are urging the prime minister to force a vote of no-confidence rather than approving a possible resignation. Under party rules, Truss is protected from a year-long vote of no confidence in her leadership, but those rules can of course be changed if a majority is found.

But for conservatives, this is a choice between two evils. “If we change leaders again, we as a party are finished,” a minister told the Guardian. “Had I been Liz, I would certainly have risked the initial vote of no confidence. From the point of view of the Conservative Party, she had better survive. Whether that meant she did so is another matter.”

A Tory veteran called last week for Truss to resign voluntarily. “She has to find the courage to get out of this, to do it in an orderly way – and to be thanked for that,” he said. ‘If I were her, I’d just say, ‘Look, it didn’t work out and it’s not good for me to go on.’ I think it would be best for her to sit down with Sir Graham Brady and discuss how we can have a replacement in a day or two. : “Honestly, I don’t think that if a delegation came to Liz Truss, she wouldn’t have much resistance.”

The Bank of England wants to raise interest rates

Meanwhile, financial markets remain volatile as a result of the proposed Truss policy. To calm the markets, BoE Director Andrew Bailey said he was in contact with the new Chancellor of the Exchequer Hunt on Friday. However, Bailey warned that “inflationary pressures” would likely require a “more aggressive response” in the form of a rate hike.

Read also | Bank of England buys more bonds after market turmoil

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