Rishi Sunak supporters speak out as UK economy spirals under Liz Truss

LONDON: Supporters Rishi Sunak in the Conservative Party leadership race, which ended earlier this month with opponents Liz Truss As Prime Minister of the United Kingdom, increasingly vocal points out that the former Prime Minister of Indian origin has warned of much economic turmoil caused by the 10-year-old incumbent. Downing Street.
While Sunak himself has remained clearly silent, his supporters in the ruling party and more neutral sections of the media have highlighted the so-called “Trussonomics” of tax cuts and Higher borrowing has spooked markets around the world and sent the British pound back. dollar.
“Return to Rishi Sunak, all forgiven,” read an editorial in ‘The Daily Telegraph’ on Tuesday.
“During the Tory leadership campaign, the former Prime Minister warned that Liz Truss’s plan to borrow to finance tax cuts was ‘dangerous’ and risked ‘making things worse’. . And, worryingly, his prophecy, considered dominion at the time, was fulfilled,” it said.
Some of Sunak’s parliamentary colleagues also point to exactly that prophetic stance of Britain’s first Indian-born candidate for the top spot at 10 Downing Street.
Huw Merriman, a Tory MP, chairman of the House Transportation Select Committee and a prominent Sunak ally in the eight-week leadership election campaign, took to Twitter in response to a YouGov poll. A new report in ‘The Times’ shows the Labor Opposition running for its biggest lead in more than a decade with 17 points ahead of the ruling party.
“Those of us who support Rishi Sunak lost the election, but this poll shows that the winners are losing out to our voters with the policies we warned about,” Merriman said.
“For the sake of our country and the livelihoods of people in our country, I still hope to be proven wrong,” he said.
In an interview with the BBC last month about his campaign path, Sunak reiterated his policy plan for a measured approach to cutting taxes and providing targeted financial help to those who need it. the most vulnerable to tackle the cost of living crisis.
“Liz’s plans are promising the earth to people. I don’t think you can take your cake and eat it. I don’t think life is that simple, and I think her plan risks making things worse,” he said at the time.
Regarding some of these warnings, Lord Gavin Barwell, who was former Prime Minister Theresa May’s Downing Street chief of staff, said this week: “I think people are quite angry with people who act like people who act as people. cheering for government policy as many, not least Rishi Sunak, warned exactly what the consequences would be.”
The reaction after the much hyped small budget by the new Prime Minister of Truss, Kwasi Kwartengin the House of Representatives on Friday.
Since then, borrowing costs have risen as financial markets reacted unfavorably to the announcement of the biggest tax cut in 50 years paid for by additional government borrowing.
The Bank of England said on Monday it would “not hesitate” to raise already high interest rates after sterling hit a record low.
Investors’ concerns about the UK’s ability to meet rising public debt are believed to be behind the drop in the value of the pound while the UK government’s borrowing costs are rising. up.
A weaker pound also makes imports and dollar-denominated goods, such as oil, more expensive, and fuel price risks rise at a time when UK inflation is already at its highest level in years. 40 years.

Source link


News5h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button