United Kingdom: Liz Truss under pressure, a month after her arrival


The British Prime Minister is under significant pressure to abandon parts of her much-contested budget plan.





SourceAFP


Liz Truss and her economy minister are under pressure.
 © DANIEL LEAL / AFP

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LPrime Minister Liz Truss was under mounting pressure on Thursday to drop parts of her disputed budget plan, but her finance minister Kwasi Kwarteng also in the hot seat ruled out quitting. Some Tories are already talking about names to replace Liz Truss, a month after her arrival in Downing Street. Asked if he and Liz Truss would still be there in a month, the finance minister was adamant Thursday in Washington: “Absolutely, 100%. I’m not going anywhere, ”he told British media, faced with doubts about his future.

He added that he remained “totally focused on the implementation of the mini-budget”, the announcement of which on September 23 destabilized the markets and divided his own conservative camp. In power for 37 days, Liz Truss seems increasingly at an impasse, except to resolve to a new about-face, compared to this “mini-budget” which provides for massive tax cuts without clear funding. If it stays the course for the moment, Conservative MPs are enjoining it privately to reconsider certain elements of this plan, in particular the cancellation of a planned increase in corporate tax.

The IMF in favor of “recalibrations”

According to the Financial Times, discussions were underway Thursday in Downing Street on a possible reversal. “Tory MPs are probing for a possible replacement for Kwasi Kwarteng and possibly even Liz Truss,” Paul Goodman, former MP and editor of ConservativeHome, a highly influential site, told the BBC earlier today. among the British Tories. “All sorts of names are being mentioned,” he added, referring in particular to Rishi Sunak, Liz Truss’ former rival during the campaign for Downing Street. But Downing Street insisted the executive’s stance “has not changed” and that the Prime Minister and her finance minister are “focused on delivering their plan for growth”.

READ ALSOUnited Kingdom: Liz Truss’ “huge mistake” in economic policy

On Thursday, after a meeting with Kwasi Kwarteng, IMF Managing Director Kristalina Georgieva said that if the evidence points in favor of a “recalibration” of the measures announced, then “it is good for governments to do so”. During Wednesday’s weekly Prime Minister’s Questions session, LizTruss, booed by the Labor opposition, ruled out cutting public spending to finance her tax cuts, repeating that she was betting on growth to pull the country out of crisis.


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