Britain's Prime Minister Liz Truss insisted on her devotion to 'sound' economics heading into crisis talks Sunday with her all-powerful new finance minister, and a tense week of plotting by Conservative critics.
"We cannot pave the way to a low-tax, high-growth economy without maintaining the confidence of the markets in our commitment to sound money," SAID Prime Minister Liz Truss. REUTERS/ Maja Smiejkowska/ File Photo
That confidence was jeopardized on September 23 when Kwarteng and Truss unveiled a right-wing program, inspired by 1980s US president Ronald Reagan, of £45 billion in tax cuts financed exclusively by higher debt. "It's going to be very, very difficult, and I think we have to be honest with people about that," Hunt said in a BBC television interview broadcast Sunday.and after a disastrous news conference she held on Friday shortly after sacking Kwarteng.
The Treasury declined to confirm reports that Hunt plans to delay a planned cut to the basic rate of income tax, removing yet another headline measure announced by the new government last month.Up to 100 letters expressing no confidence in Truss have been submitted by Tory MPs, the Sunday Times and Sunday Express said.
"I worry that over the past few weeks, the government has looked like libertarian jihadists and treated the whole country as kind of laboratory mice in which to carry out ultra, ultra free-market experiments," Tory MP Robert Halfon, who supported Sunak, told Sky News. The coming week could be key for Truss, starting with the first reactions on bond and currency markets when trading resumes on Monday, and as her restive members of parliament reconvene in Westminster.
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