To ‘reassure’ markets, Liz Truss drops her tax reform
A little over a month after hitting 10 Downing Street, but Liz Truss has already retreated into her own camp. The British Prime Minister on Friday, October 14, abandoned her plan to not increase the corporate tax, as planned by the previous government of Boris Johnson.
“Obviously some parts of our micro-budget were going too far and too fast compared to what the markets had expected.”‘” Liz Truss said at a very short press conference, insisting it was necessary “More” for the UK economy. “I am absolutely determined to deliver on my promise of stronger growth, a more prosperous UK, and weather the storm we are in.”Conservative Party leader.
Reorganization in the Ministry of Finance
Liz Truss also confirmed the dismissal of her finance minister, Kwasi Quarting, who had been replaced by Jeremy Hunt, former health and then foreign affairs minister. The reshuffle was confirmed by Mr. Kwarteng himself, earlier in the afternoon, which Posted on Twitter A letter addressed to the Prime Minister. You asked me to resign as counsel [de l’Echiquier]I acceptedHe wrote, a little over a month later as Head of the British Treasury.
https://t.co/4nvtyGWCoA
In this letter, Mr. Kwarteng states that he accepted the position in “Knowing well that the situation in which [les tories faisaient] The confrontation has been very difficult, with interest rates rising around the world and high energy prices.”. “Your vision of optimism, growth and change was correct.”keep repeating that ‘The status quo is not an option’.
Liz Truss in the hot seat
At the end of the morning Mr. Kwarteng went to 10 Downing Street, having returned earlier than expected from Washington, where he was attending the annual meetings of the International Monetary Fund and the World Bank.
His budget plan, announced on September 23, which includes tens of billions of pounds in tax cuts with no apparent funding, has destabilized markets, sent the pound down, and severely weakened the Malaysian president’s government.I Gears. On Friday, the chair of Parliament’s Treasury Committee Mel Stride called for a quick review of it “small budget”.
According to the British press, some members of his camp are already maneuvering to oust Blaise Truss, given disastrous opinion polls that declared a landslide defeat for the majority in the next general election, scheduled for 2024.
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