PM Liz Truss and Kwarteng are under huge pressure to reverse course as polls show support for their Conservative Party has collapsed.
British chancellor of the exchequer Kwasi Kwarteng in Birmingham, Britain, October 4 2022. Picture: TOBY MELVILLE/REUTERS
Truss and Kwarteng are now under huge pressure to reverse course as polls show support for their Conservative Party has collapsed and colleagues have started openly discussing whether they should be replaced, just 37 days after they entered office. He said people wanting details would have to wait until October 31 when Kwarteng is due to set out a full budget plan alongside independent forecasts that will show the cost of the tax cuts to the public finances and whether they will boost economic growth.Mel Stride, a backer of Truss’s leadership rival Rishi Sunak and the head of the influential parliamentary Treasury Committee, said investors had priced in an economic policy U-turn, leaving the government at the mercy of the markets.
A Conservative Party lawmaker, who asked not to be named, said Truss’s economic policy had caused so much damage that investors may demand even deeper cuts to public spending as the price for their support. According to a source close to the prime minister, Truss is now in “listening mode” and inviting lawmakers to speak to her team about their concerns on the programme to gauge which parts they would support in parliament.
“It would be challenging to deliver the scale of these cuts, but for them to be credible, these need to be delivered sooner rather than in the latter part of the forecast,” Punhani said.
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