LONDON – British Prime Minister Liz Truss insisted she is an “unyielding fighter” as she was grilled by parliamentarians for the first time on Wednesday. is forced to break almost all fiscal policies.
Truss said he was “acting in the national interest to make sure we have economic stability”, but opened the session by saying he was “sorry” and “made mistakes”.
The rollback of his massive program of tax cuts, originally announced in September. 23, came after causing great volatility in the financial markets pound dive against the dollar and UK government bonds are selling so fast threatened to knock down pension funds. It was mortgage contracts also drew as interest rate hike expectations rose rapidly.
Full details of the government’s new economic policies are expected on October 1. 31, along with an independent economic forecast.
Opposition Leader Keir Starmer’s lines of attack during Prime Minister’s Questions on Wednesday included questions about how the public can trust a leader whose “promises don’t last a week”; calling their policies “fantasy economics”; and accuses Trussy of crashing the economy.
“I had to make decisions based on the economic situation to adjust our policies,” Truss said. He added that interest rates in the world are rising and economic forecasts have worsened.
Analysts he said CNBC Bond markets were affected by a number of factors and may recover, but UK economic confidence has suffered long-term damage.
Pressure to resign
The panic of the past month has overwhelmed Truss strong pressure to resign less than two months into his tenure, even from members of his own party.
Speculation is now rife about his future, including whether he will resign – with the Conservative Party polling and the latest YouGov poll showing Truss’s popularity at just 10% – or whether he could be ousted.
Under current party rules, the Conservatives cannot oust Truss and hold another leadership election within a year. Truss went head-to-head with former finance minister Rishi Sunak for two months in the summer after former prime minister Boris Johnson. resigned in July.
However, the party may agree to replace him if he resigns or try to change the existing rules.
Both options are likely to lead to a split, with the party divided over the best successor. New finance minister Jeremy Hunt is believed to be among the suitors; Altar; Commons leader Penny Mordaunt, who stood for Truss earlier this week; and even Johnson’s return.
He may also face additional pressure to hold a general election to secure the party’s public mandate. The last vote was held in December. 12 2019, when Johnson led the Conservatives to a landslide majority.
Meanwhile, a vote by the opposition Labor Party on Wednesday to restore parliament in the UK fracking ban described in a leaked Conservative Party email, Posted by Sky Newssuch as the “government confidence movement”.
Many Conservative MPs oppose fracking, which was only re-authorised last month.
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