UK’s Liz Truss struggles to save premiership after tax U-turns
2 years, 2 months ago

UK’s Liz Truss struggles to save premiership after tax U-turns

Al Jazeera  

Truss is trying to keep her job after making U-turns on two major policies, as new Chancellor Hunt makes a new budget plan. Britain’s Prime Minister Liz Truss is insisting on her devotion to “sound” economics as she heads into crisis talks with her new finance minister, and a tense week of plotting by Conservative critics. With even US President Joe Biden joining in attacks on her economic agenda, Truss wrote in the Sun on Sunday newspaper: “We cannot pave the way to a low-tax, high-growth economy without maintaining the confidence of the markets in our commitment to sound money.” That confidence was jeopardised on September 23 when former Chancellor Kwasi Kwarteng and Truss unveiled a right-wing programme, inspired by 1980s US President Ronald Reagan, of 45 billion pounds in tax cuts financed exclusively by higher debt. “Conservatives don’t want that.” The new chancellor met Truss at the prime minister’s country retreat on Sunday to thrash out a new budget plan he is due to deliver on October 31. Opponents are said to be coalescing around Truss’s defeated leadership rival Rishi Sunak and another one-time foe, Penny Mordaunt, for a possible “unity ticket” to rebuild the stricken Conservatives.

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