Rishi Sunak took aim at Liz Truss during his first address to the nation as prime minister saying "mistakes were made" while she was in office.
13.10.2022 - 10:15 / manchestereveningnews.co.uk
Liz Truss was under fire from her own MPs as they demanded more U-turns on her tax-slashing agenda after she ruled out spending cuts to balance the books.
The Prime Minister’s leadership was in renewed peril as she was accused of “trashing the last 10 years” of the Tories’ record at a meeting with backbenchers. MPs piled pressure on her to restore market confidence in her government, with reports suggesting she is facing mounting calls to reverse or delay her plan to cancel a rise in corporation tax from 19% to 25%, due in April.
Ms Truss has insisted this and other tax cuts will boost growth, but the so-far unfunded measures in Chancellor Kwasi Kwarteng’s mini-budget have sparked chaos in the financial markets. Mel Stride, the Tory chairman of the Commons Treasury Committee, said that given Ms Truss’s commitments to protect public spending, there was a question over whether any plan that did not include “at least some element of further row back” on the £43 billion tax-slashing package can reassure investors.
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“Credibility might now be swinging towards evidence of a clear change in tack rather than just coming up with other measures that try to square the fiscal circle,” Mr Stride said. Conservative former minister David Davis called the mini-budget a “maxi-shambles” and suggested reversing some of the tax cuts would allow Ms Truss and Mr Kwarteng to avert leadership challenges for a few months.
“If they do that I think people like Mel Stride and others will come in behind them and they buy some time,” he told ITV’s Peston. Damian Green, a former deputy prime minister, said Conservative MPs are openly discussing
Rishi Sunak took aim at Liz Truss during his first address to the nation as prime minister saying "mistakes were made" while she was in office.
Incoming British Prime Minister Rishi Sunak has promised to unite the country “not with words but with actions” and said “mistakes were made” during the disastrous 44-day reign of his now-predecessor Liz Truss.
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U.K. Prime Minister Liz Truss' push to cut taxes for her country's highest earners was a "mistake," President Biden stated Saturday. Truss was forced to scrap large portions of her tax plan last week amid market turmoil and disintegrating public confidence.
K.J. Yossman U.K. Prime Minister Liz Truss has sacked Kwasi Kwarteng as Chancellor of the Exchequer – the government’s top financial post – after just five weeks into office. The move comes as the U.K. continues to deal with the fall-out of Kwarteng’s mini-budget, which Truss endorsed and triggered financial turmoil, including a steep rise in interest rates. The country as already been dealing with sky-rocketing energy costs as well as a cost of living crisis, which is affecting both individuals and businesses. Kwarteng was in the U.S. for business when he was called back urgently on Friday (Oct. 14) to hear he’d been sacked. At time of writing, Truss had not yet announced his replacement.