Liz Truss Resigns [Who'll be the next Prime Minister?]

[Pierre]

Originally Posted by jfman

(Insert British exceptionalist trope about unwritten constitution, stability etc)

She's fine as long as she has the support of a majority of MPs.

But the problem is she’s obviously not in charge.

Whoever told her to sack Kwartang and then appoint Chunt*, is in charge. Because it sure as hell wasn’t her.

* silent h.

https://www.thetimes.co.uk/article/1...bb7e48c36afcd8

New chancellor Jeremy Hunt delays 1p income tax cut

All parts of Kwasi Kwarteng’s mini-budget to be reviewed as economic outlook revealed as ‘far worse’ than first thought.

Jeremy Hunt is to delay a penny cut in income tax, the flagship announcement in the disastrous mini-budget, to help plug a black hole in the public finances that had reached £72 billion.

In the latest in a series of government U-turns, the new chancellor is expected to announce that plans to reduce the basic rate of income tax next April will be pushed back by a year.

Good - I would rather they raised the tax threshold, which would benefit the low-paid more.

[Mr K]

Originally Posted by Hugh

https://www.thetimes.co.uk/article/1...bb7e48c36afcd8



Good - I would rather they raised the tax threshold, which would benefit the low-paid more.

Predicted by moi a few posts ago.

---------- Post added at 19:34 ---------- Previous post was at 19:30 ----------

At last the truth is out even from the Torygraph

Project Fear was right all along
Six years of policy confusion and ineptitude has brought a calamitous loss of standing

Downbeat predictions by the Treasury and others on the economic consequences of leaving the EU, contemptuously dismissed at the time by Brexit campaigners as "Project Fear", have been on a long fuse, but they have turned out to be overwhelmingly correct, and if anything have underestimated both the calamitous loss of international standing and the scale of the damage that six years of policy confusion and ineptitude has imposed on the country.

A serious house price correction, substantially higher interest rates and a permanently impaired exchange rate may be the least of it.

Credibility is all in politics, finance and economics; this week was the point at which the UK Government finally managed to lose all last remaining vestiges of it. Britain's trusted institutional framework, together with its hard won reputation for sound money and certainty in policy, all went down the pan.

Perhaps I exaggerate, but not since the humiliation of the International Monetary Fund bailout in 1976 have we seen an unravelling quite as spectacular. This too from a Tory Government with a substantial overall majority. It is scarcely believable.

These are dark days for Tory MPs, who will be acutely aware that loss of reputation for economic competence is electoral poison for their party. As the former Chancellor, Philip Hammond, has already observed, that reputation has been comprehensively trashed by what's just occurred.

https://www.telegraph.co.uk/business...r-right-along/

Originally Posted by Hugh

Good - I would rather they raised the tax threshold, which would benefit the low-paid more.

Sounds like more tax is expected now, a complete reversal.

Speaking in his first interviews since replacing Kwasi Kwarteng, Jeremy Hunt said some taxes will go up, while government spending may need to fall.

[Mr K]

Originally Posted by Paul

Sounds like more tax is expected now, a complete reversal.

The PM is now Jeremy Hunt, Lizzie's done a runner.

[1andrew1]

Originally Posted by Mr K

]At last the truth is out even from the Torygraph

https://www.telegraph.co.uk/business...r-right-along/

The penny has indeed finally dropped.

---------- Post added at 22:27 ---------- Previous post was at 22:16 ----------

Originally Posted by Mr K

The PM is now Jeremy Hunt, Lizzie's done a runner.

Wouldn't rule this out from actually happening.

[jfman]

Originally Posted by Paul

Sounds like more tax is expected now, a complete reversal.

The Ponzi scheme is done. Population growth has stalled. Life expectancy (before Covid at least) was up. We’ve sold almost everything there is left to sell.

The brutal reality is you either pay for public services through tax, or pay through the nose to a fake free market. People are living longer and despite what is claimed there’s no “side pot”’ for pensions. There’s £3 trn of debt.

There’s no more kicking the can down the road to children and theirs.

[Dave42]

'There are calls for Sir Graham Brady to tell the Prime Minister the game is up'

Newly appointed Chancellor Jeremy Hunt may now be in No 11, but Liz Truss is "beleaguered as ever, if not more so", says Sky's
@joncraig

https://twitter.com/SkyNews/status/1581393733366747136

[denphone]

Originally Posted by Dave42

'There are calls for Sir Graham Brady to tell the Prime Minister the game is up'

Newly appointed Chancellor Jeremy Hunt may now be in No 11, but Liz Truss is "beleaguered as ever, if not more so", says Sky's
@joncraig

https://twitter.com/SkyNews/status/1581393733366747136

As ever their own political survival comes a clear first and its bollocks to the rest of the country.

[1andrew1]

Passing the buck...

Kwasi Kwarteng was 'bounced' into 45p tax fiasco by Liz Truss: Former Chancellor was told by PM to 'go for' contentious policy before sacking him

Kwasi Kwarteng argued against the Government’s disastrous plan to cut the top 45p rate of tax but was over-ruled by Liz Truss, sources have told The Mail on Sunday.

The former Chancellor was sacked by the Prime Minister on Friday, after Ms Truss told him that he had to go in order to restore market confidence.

‘They are coming for me,’ Ms Truss said to Mr Kwarteng, referring to the plotters who want to oust the Prime Minister in the wake of the turmoil caused by his mini-budget.

Now sources have claimed that the most contentious policy, the proposed cut in the top rate to 40p, was effectively forced on Mr Kwarteng after he suggested to Ms Truss that it should be delayed until next year to avoid ‘doing too much at once’.

The PM is understood to have said: ‘No – let’s go for it.’

When this newspaper asked Mr Kwarteng after the mini-budget whether Ms Truss had ‘bounced’ him into the cut, he paused before responding: ‘I think we were agreed on that.’

https://www.dailymail.co.uk/news/art...cking-him.html

---------- Post added at 11:18 ---------- Previous post was at 11:08 ----------

Originally Posted by OLD BOY

I can assure you she will be anything but weak. Roll on, PM’s Question Time on Wednesday!

I'm certainly with Old Boy on the second part of this - bring on Wednesday's PMQs!

Maybe Rayner should deputise for Starmer so that it's the effectively-deputy PM v deputy opposition leader.

[GrimUpNorth]

She was amusing a month ago, now she's just an embarrassment. I don't even think it'll be this bad when Nads gets a turn at the wheel.

[GrimUpNorth]

So according to the ticker on Sky News, the treasurer of the 1922 committee says the rules can be changed if a good chunk of MP's want them changed and so far 3 Conservative MP's have publicly said she should go so I think she'll be gone in the next few hours/days. It'll be like the downfall of Boris with the rolling news channels having a counter of the numbers rebelling.

[Mad Max]

The Tories must be regretting getting rid of Boris.

[TheDaddy]

Originally Posted by Mad Max

The Tories must be regretting getting rid of Boris.

Two evils really, ousted in disgrace or ousted as a incompetent laughing stock, neither are particularly dignified as the last few months will attest

[jfman]

Unconfirmed reports suggest even Comical Ali is bailing on Truss. No time to waste…