British Prime Minister Liz Truss will move to reshape her government’s economic policy after firing Chancellor of the Exchequer Kwasi Kwarteng and dropping key parts of her economic plan in response to market panic caused by the proposed "mini-budget." "After the fallout from the mini-budget, the Prime Minister needed to take drastic action to calm the markets and save her job," Alan Mendoza, executive director of the Henry Jackson Society, told Fox News Digital. "Sacking the architect of the policy, while brutal, was the most logical way to restore confidence and give her some breathing space to regroup politically." "Once [Truss] reached that conclusion it was only a matter of time before she acted on it, as had she not, it would now be her head on the platter rather than his," Mendoza added. The British pound dropped sharply after the government announced Kwarteng’s "mini-budget," a series of cuts to taxes intended to spur growth and fight record inflation.The program proved contentious, and Kwarteng did not explain how the government planned to fund the cuts and offset the costs. "We need a new approach for a new era, focused on growth," Kwarteng told lawmakers in the House of Commons when he introduced the plan, which he argued would provide short-term help for homes and businesses in the face of spiking energy costs while trying to increase tax revenues in the coming years. FILE - Britain's Chancellor of the Exchequer Kwasi Kwarteng arrives in Downing Street in London, on Sept.
'I swear, galaxies are born in the time it takes Liz Truss to answer a question': Viewers' scathing assessment of Prime Minister on Laura Kuenssberg show
02.10.2022 - 14:01 / manchestereveningnews.co.uk
As the Prime Minister Liz Truss was grilled by Laura Kuenssberg, viewers questioned whether she REALLY understands that 'people are worried'. The PM was quizzed by the BBC presenter on Sunday morning (October 2).
The corporation's flagship Sunday with Laura Kuenssberg show got off to a shaky start as it glitched while the PM defended her tax-cutting policies. The show cut to the BBC's opening title, before returning to the PM's interview. Many said the crash was an omen of what was to come.
The Prime Minister was questioned on the economy and the fallout of the mini-budget, which led to major turbulence and uncertainty.
Ms Truss admitted the government ‘should have laid the ground better’ for the budget. Ms Truss also said Chancellor Kwasi Kwarteng’s £45bn tax cut, which plunged financial markets into turmoil, was a decision made by him - and him alone, not involving the rest of the cabinet.
READ MORE:"Enough to make your ears bleed": Listeners in disbelief at disastrous, awkward Liz Truss interviews this morning as Britain plunges into economic chaos
The reaction on social media matched the magnitude of the admission - and highlighted further widespread fears for the economy, with energy bills set to continue to rise and mortgages in turmoil.
Many people tweeted that the Prime Minister was dodging questions.
Twitter user @shimlahp007 said: “Liz Truss understands people are worried… I am SCARED to turn my heating on... something I never feared before.”
@Rhian82 posted: “So Liz Truss refused to allow people to go into this winter worrying about energy bills, but she's absolutely fine for them to be worrying about feeding their children or losing their home." That comment, on the Prime Minister’s energy bills package, came
Liz Truss to hold press conference as Kwasi Kwarteng sacked for mini-budget disaster
Liz Truss is to hold a press conference today after she sacked Kwasi Kwarteng as chancellor over the mini-budget disaster that tanked the pound.
Ban on ALL fracking activity on council controlled land to remain despite government U-turn
Tory councillors have supported a ban on fracking on council land despite the Government’s recent change in policy allowing shale gas extraction.
Ian Blackford accuses Liz Truss of ignoring 'damage' and 'chaos' of mini-budget
Ian Blackford has accused Liz Truss of "ignoring the damage and the chaos" of her mini-budget that plunged the markets into turmoil due to her unfunded tax cuts.
Unearthed 2018 clip shows Liz Truss warn tax cuts like hers could lead to 'boom and bust'
A warning from Liz Truss has come back to haunt her after footage showing her saying a tax cuts bonanza would lead to "boom and bust" was unearthed.
Conservatives face electoral wipe out in Scotland as voters turn against Liz Truss
The Conservatives face an electoral wipe out in Scotland for the second time in 25 years as polls show voters turning their backs on the party.
Nicola Sturgeon accuses Liz Truss of 'ranting' during Tory conference speech
Nicola Sturgeon has accused Liz Truss of "ranting" about her opponents during the Prime Minister's speech to the Conservative party conference today.
Liz Truss doubles down on tax plan that sent UK economy into freefall
Prime Minister Liz Truss has defended her Government’s disastrous mini budget that nearly tanked the UK economy.
Liz Truss has 'just over a week' to save her time as Prime Minister, senior Tory says
Conservative backbenchers have warned Liz Truss 'has little more than a week' to save her leadership as she prepares to defend to her 'new approach'.
Nicola Sturgeon accuses Tories of 'utter ineptitude' after Liz Truss u-turn on top tax rate
Nicola Sturgeon has accused the Conservatives of "utter ineptitude" after the UK Government announced it would no longer cut the top rate of income tax for millionaires.
Do you want Andy Burnham for a third term?
Amid a chaotic week in UK politics, Greater Manchester mayor Andy Burnham dropped a strong hint that he would look to run for a third term in office.
Liz Truss warns the UK faces a ‘difficult winter’ as energy prices rise, but defends mini-budget
Prime Minister Liz Truss admitted that it will be a “difficult winter” for the UK hours before the new energy price cap came into force from today (Saturday, October 1). But she defended the mini-budget revealed earlier this week despite the “disruption” the plans caused.
Scots Tory secretary claims Liz Truss's tax cuts are 'small' as he takes swipe at the BBC
Alister Jack has claimed the biggest tax cuts in the United Kingdom since 1972, funded by £72 billion a year in borrowing, are "small".