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Keir Starmer's United Kingdom

British PM Liz Truss apologizes but refuses to step down after scrapping controversial economic plan​


October 17, 2022

British Prime Minister Liz Truss apologized for policy "mistakes" that caused investor confidence to evaporate and her poll ratings to plunge before nearly all of her economic plan was finally shredded on Monday, but she said she would not step down.

"I do want to accept responsibility and say sorry for the mistakes that have been made," Truss told the BBC.

"I wanted to act but to help people with their energy bills to deal with the issue of high taxes, but we went too far and too fast."

Chancellor of the Exchequer Jeremy Hunt, who was appointed on Friday after Truss sacked her close ally, Kwasi Kwarteng, jettisoned the remaining major planks of her economic agenda on Monday, including scrapping almost all of Truss's unfunded tax cuts and scaling back her vast energy support scheme.

Asked if she was now prime minister in name only, Truss said she had appointed Hunt because she knew she had to change direction.

"It would have been completely irresponsible for me not to act in the national interest in the way where I have," she said.

"It was right that we changed policy."

Truss, who became Conservative leader less than six weeks ago, said she would lead her party into the next election.

"I'm sticking around because I was elected to deliver for this country," she said. "And that is what I am determined to do."

Economic wobbles continue despite U-turn​

Hunt's announcement sparked a rally in battered U.K. assets, but borrowing costs and mortgage rates remained well above where they stood before the plan's Sept. 23 announcement, while some £80 billion ($125 billion Cdn) has been wiped off the value of London's blue-chip FTSE stock index.

The pound is still down 16 per cent so far this year, making it one of the worst-performing major currencies.

That is bad news for consumers, since a weak currency pushes up the cost of imported goods, piling pressure on the Bank of England to keep hiking rates to contain inflation, which is running at almost 10 per cent.

The amount of borrowing that would have been needed to fund Truss's tax cuts, combined with a huge cost of a cap on energy prices — originally £72 billion over the next six months alone — sent U.K. government bond yields, a proxy for borrowing costs, surging to their highest levels since 2008.
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AlbertC said:

British PM Liz Truss apologizes but refuses to step down after scrapping controversial economic plan​

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news.sky.com

Majority of Tory party members want Truss to resign now - and want Boris Johnson to replace her

Tory party members were responsible for voting for Liz Truss over Rishi Sunak this summer but after the economic turmoil that has haunted most of her brief premiership they are thinking again.
news.sky.com news.sky.com

Boris must be just laughing into his gin right now. He'll wait for the Cons to get destroyed by Labour in the next election and then after Labour wrecks the place for eight years come swooping back in.
 
 
Good god! He may be back!!

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I'm surprised she tried to hang on this long. She was mortally wounded when the bond market revolted.
 
Richard White said:
Liz Truss is out.
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Jes#s. Even Kim Campbell lasted 27 weeks.

Her idiocy aside, Truss will forever be the very definition of the glass cliff.

www.investopedia.com

Glass Cliff Definition

Glass cliff refers to the tendency of groups to put women in power during times of crisis or downturn when the chance of failure is more likely.
www.investopedia.com www.investopedia.com
 
The leadership race rules are out for the next Conservative leader, who will automatically be PM next week
Yes, that's right, next week. They are doing this that fast. The vote will be October 28th. Candidates literally have this weekend to gear up and run and that's it. Aslo to be nominated you must have signatures of unique support from 100 current Conservative MPs (ie. MPs can't support more than one candidate). Right now the Conservatives have 356 MPs in Parliament, meaning the maximum possible number of candidates is three, though some are saying getting even two to cross that 100 line will be difficult as there's so many splintered factions and some candidates have only around 80-90 possible MPs to support them.

Either way, this is get some popcorn material for the next seven days. It's going to be bloody.
 
Jonny5 said:
The leadership race rules are out for the next Conservative leader, who will automatically be PM next week
Yes, that's right, next week. They are doing this that fast. The vote will be October 28th. Candidates literally have this weekend to gear up and run and that's it. Aslo to be nominated you must have signatures of unique support from 100 current Conservative MPs (ie. MPs can't support more than one candidate). Right now the Conservatives have 356 MPs in Parliament, meaning the maximum possible number of candidates is three, though some are saying getting even two to cross that 100 line will be difficult as there's so many splintered factions and some candidates have only around 80-90 possible MPs to support them.

Either way, this is get some popcorn material for the next seven days. It's going to be bloody.
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Watch Charles has to step up the plate and either dissolve parliament or appoint a PM.
 
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