Under Liz Truss’ crippled leadership, the Conservative Party faces electoral oblivion under her crippled economic agenda.
US President Joe Biden attacked Truss’ libertarian platform, criticizing her decision to fire Kwasi Kwarteng as chancellor of the exchequer.
Our commitment to sound money is essential to pave the way to a low-tax, high-growth economy.
Kwarteng and Truss unveiled
On September 23, Kwarteng and Truss unveiled a right-wing tax cutting scheme inspired by Reagan’s 1980s presidency, financed entirely by higher debt.
Truss succeeded Boris Johnson as prime minister, and markets tanked, driving up borrowing costs for millions of Britons.
Crispin Blunt, a senior Tory MP, told Channel 4: “I think the game is up, and it’s now a question of how succession is handle.”
Truss screeching policy
As a result of Truss’s screeching policy U-turn, Kwarteng force to resign from his position. Afterward, the government nervously awaited the resumption of trading on Monday following her painful press conference on Friday.
As the cost of living rises, Kwarteng’s successor Jeremy Hunt is urging cabinet members to limit spending in order to placate investors.
A new budget plan was hammered out with the prime minister at her country retreat on Sunday, effectively demolishing the “Trussonomics” program which brought her to power.
What is the authority?
Taking painful cuts will be very, very difficult, and we have to be honest about that,” Hunt said, prompting a warning from trade unions to take strike action.
According to Hunt, he did not take anything off the table, but defended Truss at the same time.
She’s been willing to change tack, which is one of the most difficult things in politics, he said, adding: “The prime minister’s in charge.”
In spite of that, many people questioned the verdict.
“Truss has failed to deliver on his promises and is no longer a powerful leader.”
In another headline measure announced by the new government last month, the Treasury declined to confirm Hunt’s plans to delay a basic income tax cut.
Approximately 100 Tory MPs have expressed their disapproval of Truss.
To rebuild the stricken Tories, opponents lined up around Truss’s defeated rival Rishi Sunak and Penny Mordaunt.
Ben Wallace, secretary of defense, could also be considered as a compromise candidate for president.
Jihadists who support liberalism
Robert Halfon, a Tory MP who supported Sunak, worries that the government has behaved like libertarian jihadists over the past few weeks.
There has been hemorrhaging in the opinion polls, and colleagues are unhappy about it, he said.
The newly elected chair of the House of Commons’ powerful foreign affairs committee, Alicia Kearns, also questioned Truss’s survival chances.
In an interview, she said that the decision is a very difficult one. As a result of Johnson, there has been some questioning of the moral competence of our organization. The fiscal competency of the company is now question.”
Johnson loyalists warn against a coronation that cuts out Labour grassroots members because of Sunak’s perceived disloyalty.
A new Labour leader would be pushed to call an early election if the party has streaked far ahead in the polls.
Despite the dismal market consequences of the Truss-Kwarteng plan, Hunt at least has the endorsement of Bank of England governor Andrew Bailey.
