After nearly toppling U.K. markets to cut taxes on the 1 percent, the new prime minister is hanging on by a thread.
The U.K. government is in full meltdown. The new prime minister, selected by a vote of barely 140,000 Conservative Party members after Boris Johnson was forced out by his parliamentary colleagues back in early July, is on the ropes; she has fired her hapless chancellor, and the public is in full revolt against her party.
Since Brexit, the Conservative Party has had four leaders in quick succession: David Cameron, who made the losing bet that the “remain in Europe” side of the Brexit referendum would easily win; Theresa May; Boris Johnson and now Liz Truss. Not since the late 1950s and early 1960s has the Conservative Party run through so many prime ministers in quick succession.
As of Friday, Truss is still in charge, though her government is, practically by the minute, looking evermore shambolic. It’s entirely possible that enough of her members of Parliament will revolt that she will have to announce a timeline for either leaving office or calling a general election. In late September, Prime Minister Liz Truss — fresh off her victory in the Conservative Party’s internal leadership contest to replace disgraced Prime Minister Boris Johnson — and her chancellor, Kwasi Kwarteng, unveiled a sweeping, unfunded and inflation-fueling tax cut package. It promptly sent the U.K.
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