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Prime Minister Liz Truss’ tax cut program not only shook the opposition. But in particular the financial markets and their political future.
The man has only been in office since Friday. But on Monday, the new Chancellor of the Exchequer, Jeremy Hunt, publicly gutted his boss Liz Truss’ monumental tax cut package. This is inevitable, Hunt said. This is the only way he can restore economic stability in the country: “To do this, we will cancel almost all of the tax cuts that were announced three weeks ago.”
Taxes on dividends or VAT for tourists or the alcohol tax will not be removed. “Energy prices will not be supported for two years, but for six months. Low taxes are a conservative concern. But financing this with debt in today’s economic situation is not justifiable.”
The new Chancellor of the Exchequer has done two things with this appearance: First, he has calmed the financial markets. Second, he pretty much atomized Liz Truss’s political agenda. Not only is their politics badly battered, but also their authority.
where there was support …
At the weekend, the conservative cabinet colleague Robert Buckland tried to break a lance for his political superiors in a panel discussion in London: “I don’t want to sugarcoat anything, the situation is not very easy. The Conservative Party and the country are facing some challenges right now. But I would caution against throwing another prime minister to the wolves.”
According to Buckland, another new election would cause even more instability. “And prevent us from tackling the real challenges. Truss has shown she is trainable. She is our prime minister. We should support them in their difficult task.”
… becomes already sawn on the chair today
Now the wind has shifted significantly. No minister wanted to publicly support Liz Truss in the media on Monday. Her political adviser and guardian, Jeremy Hunt, signaled that the boss was of course in control. But behind the scenes, her chair is already being sawn heavily.
It’s a déjà vu: In the lower house, the oracle is again being raised as to how many motions of no confidence have already been received. And the opinion on the street is unmistakable. Even people who voted conservative until now have had enough. “With all due respect, it’s time to go,” says one man.
Even by British standards, the Prime Minister sets a new record. In 41 days, her poll numbers fell to an all-time low. An achievement that took Theresa May and Boris Johnson a few years.
The prime minister is now politically classified as clinically dead. The question that is on Westminister’s mind today is: One week? Two weeks? Or will she make it until Christmas? The British media are outdoing each other these hours with speculation as to how long the British Prime Minister can stay in office.