LONDON – British Prime Minister Liz Truss insisted on Wednesday that she was a “fighter, not a giver,” as she was tried by parliamentarians for the first time. have to scrap almost all flagship fiscal policies.
Truss began the session by saying he was “sorry” and “made mistakes”, adding that he was “acting in the national interest to make sure we have economic stability”.
The return of the massive tax cuts program first announced in September. 23 came after it caused massive volatility in financial markets. pound plunge Against such rapid selling of dollar and UK government bonds threatened to overthrow pension funds. had mortgage agreements also pulled Interest rate hike expectations rose sharply.
Full details of the government’s new economic policies are expected to be announced in October. 31, along with an independent economic forecast.
Opposition leader Keir Starmer’s offensive lines during Wednesday’s Prime Minister’s Questions included questions about how the public can trust a leader whose “promises don’t last a week”; branding game policies “fantasy economy”; and accusing Truss of crashing the economy.
“I had to make the decision to adjust our policies because of the economic situation,” Truss said. Said. He added that interest rates are rising globally and economic forecasts are worsening.
analysts said CNBC bond markets were affected by a number of factors and may recover, but it has done long-term damage to UK economic credibility.
pressure to resign
Turbulence last month left Truss under intense pressure to resign less than two months before his term expires, even from members of his own party.
There’s a lot of speculation at the moment about his future, including whether the Conservative Party might resign as the polls plummet and a recent YouGov poll put Truss’s popularity at just 10%.
Under current party rules, the Conservatives cannot oust Truss and hold another leadership election for a year. Truss battled head-to-head with former Finance Minister Rishi Sunak for two months over the summer following former Prime Minister Boris Johnson. resignation In July.
However, the party may agree on a replacement or try to change the existing rules if it resigns.
Both options are likely to be divisive, as the party is also divided over the best successor. Contestants are thought to include the new Finance Minister, Jeremy Hunt; Altar; Leader of the House of Commons Penny Mordaunt, who replaced Truss earlier this week; and even Johnson’s return.
It may also expose the party to further pressure to hold a general election to secure a public office. The last voting took place in December. 12 2019, when Johnson led the Conservatives to an overwhelming majority.
Meanwhile, a vote will be held by the opposition Labor Party to reinstate Britain later on Wednesday. breaking ban described in a leaked Conservative Party email, Published by Sky Newsas a “government confidence movement”.
Many Conservative lawmakers oppose fracking, which was allowed again last month.
