‘Extraordinary mayhem’: Liz Truss’s nightmare on Downing Street

LONDON: British Prime Minister Liz Truss has enjoyed the shortest political honeymoons – her tumultuous prime ministership appears to have been mortally wounded despite having just begun.
Discount 10 days of mourning for the deceased Queen Elizabeth IITruss had just one week left before her political agenda was overthrown, resulting in her finance minister being fired.
The Economist commented last week: “It is the shelf life of a lettuce.
Truss won the Conservatives’ votes of 81,326, compared with 60,399 for Rishi Sunak, who was finance minister under Prime Minister Boris Johnson before that.
As the new leader of the largest party in parliament, that makes her prime minister – despite the support of less than 0.2 per cent of voters and her own minority of MPs.
The next day, she was confirmed as prime minister by the queen.
Truss installs like-minded Kwasi Kwarteng as the prime minister of the competition.
Truss revealed a costly plan to limit household energy bills, in response to Russia’s invasion of Ukraine.
But the dramatic announcement was overshadowed by the queen’s death, which suspended all government business for 10 days.
Kwarteng published a “small budget” that details the price of the energy program – £60 billion ($67 billion) over the next six months.
But there is no way to raise funds.
Instead, he announced massive new loans to pay for sweeping tax cuts – including for the top earners – along with the removal of the bankers bonus cap.
This announcement caused immediate political fire because it was unfair. But the most painful verdict came from the market as the pound plummeted towards parity against the dollar.
Two days later, on a Sunday, Kwarteng vowed “more to come” of tax cuts. The next day, when the market reopened, the pound fell sharply.
The budget, dubbed “Kami-Kwasi” by the media, began to report on tensions between Kwarteng and Truss, and deep discontent among Tory MPs including cabinet ministers.
With the bond market turmoil putting UK pension funds in jeopardy, the Bank of England announces a two-week program to buy UK long-term bonds, with initial limits £65 billion, “to restore orderly market conditions”.
YouGov pollsters reported the main opposition Labor party scored 33 points – its biggest gain over the Tories since the heyday of former Labor prime minister Tony Blair in the late years 1990.
Other polls also point to electoral disaster for the Conservatives. Hours before his keynote speech at the party’s annual conference in early October, Kwarteng vowed to “stay the course”.
Kwarteng and Truss were forced to turn heads in humiliation, canceling plans to cut the top income tax rate after hasty negotiations late into the night.
In his own conference speech on October 5, Truss vowed to pursue his “growth, development, growth” agenda but failed to reassure party insurgents and political parties. market worries.
Yields on UK government bonds continue to rise, causing further pain for UK households as mortgage rates rise.
In a different light, Kwarteng revealed that he will announce his medium-term fiscal plan along with an independent budget forecast on October 31 – Halloween – instead of at the end of November as originally planned.
But on October 12, Truss stipulates any cuts to public spending, despite pledging not to turn back on the remaining tax cuts, adding to the perception of a The government is in turmoil.
With markets still in turmoil and pressure mounting on Truss, the prime minister fired Kwarteng after just 38 days in the role.
Kwarteng defended the economic program in a letter to Truss, stressing that it was necessary because “the status quo is simply not an option”.
To replace him, she appointed former secretary of state Jeremy Hunt.
In what the right-wing tabloid The Sun called “an unusually turbulent day”, the hardline interior minister Suella Braverman repudiated after an argument with Truss and Hunt over immigration, saying she had “serious concerns” about the government.
A parliamentary vote on banning fracking turned chaotic when Tory MPs were told they had to vote in line with government, despite widespread opposition.
Truss won the vote, but nonetheless many MPs revolted, telling journalists that was the final nail in the coffin for Truss’ prime ministership.


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