British Prime Minister Liz Truss is still “in charge”, new chancellor Jeremy Hunt has insisted, as he seeks to win back trust in the battered bond market.
| Britain’s beleaguered prime minister Liz Truss is battling to rescue her premiership this week, when financial markets will deliver a fresh verdict on her screeching economic reset while mutinous backbenchers plot to oust her.
While markets will be testing Ms Truss, her fate ultimately rests with a Conservative Party that has her scrambling to save her job. Mr Hunt will also host meetings with all Conservative MPs this week to get their feedback, the official said.Mr Hunt spent the weekend outlining a radically different fiscal approach – taxes would have to rise, spending would have to be cut – in a bid to prevent further punishing increases in UK government borrowing costs.
If Ms Truss can weather the markets, her second test will be to grapple with a party in open revolt. As of Sunday evening, three Tory MPs were publicly calling for her to quit and multiple others said privately they would write to Graham Brady, the chairman of the backbench 1922 Committee, urging him to change party rules so that a vote of confidence could be held in Ms Truss.
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