The prime minister is said to have banned the monarch from attending the climate summit in November and blames her cabinet colleague Kwasi Kwarteng for the decision to lower taxes for the richest.
British Prime Minister Liz Truss has blamed exclusively her Finance Minister Kwasi Kwarteng in an interview with the BBC for the decision to cut the tax rate from 45% to 40% on income above €170,000. The government should have “better prepare the ground” for the mini-budget that sparked a financial crisis this week.
In her first public intervention in Birmingham, where the Conservative Party’s annual conference begins on Sunday, the new head of government appears to have created the possibility of a conflict with Kwarteng. History says British governments fall when the relationship between the residents of numbers 10 and 11 Downing Street breaks down.
Failures are increasing. The British press reports that Truss has banned King Charles III from attending the COP27 climate summit in Egypt in November. Only people close to the monarch, who sees himself as a pioneer in environmental disaster warnings and who attended COP26 in Glasgow, would know about such a decision and be able to leak it to the press.
The intervention of the Bank of England has temporarily halted the threat of financial chaos experienced on Wednesday. The Conservative conference could be another step to restore the soundness of political institutions, in a state of lethargy since Boris Johnson’s resignation on July 8. But for the time being there are visible rifts in the cabinet and in the party.
Kwarteng will give his speech on Monday. An exceptional student, he is described as a man who is more talkative than receptive to what others say. The Sunday Times reveals that he went to a champagne “party” with executives from the financial city after the presentation of his mini-budget, which caused the pound to fall and government bond prices, and the risk of hedge fund bankruptcies. pensions.
Truss’ friend and neighbor, both share the libertarian conservative ideology, in favor of shrinking the state. Both designed a strategy for the growth of the British economy, which has stagnated in productivity for two decades. And with the cancellation of the tax hikes Johnson had agreed with his Treasury Secretary, Rishi Sunak.
Truss says that the top income cut has not been discussed in the cabinet, that Kwarteng announced it without asking her opinion. The minister seems doomed. He keeps a politically sensitive measure in a surprise envelope and doesn’t understand that it will later be frowned upon to drink champagne with rich people whose taxes you lowered. Truss has also told the BBC that there is “an excessive focus on the appearance of things” in politics.
Conservative MP Julian Smith has challenged the announcement that those who do not vote for the budget will be fired from the parliamentary group. With reference to the political perspective. “The first job of a congressman is to act in the best interests of their constituents and in the national interest,” Smith said. “We can’t applaud the toilets for a month and cut taxes on millionaires months later.”
Former minister Michael Gove, who has shared a cabinet with Truss for more than a decade, also revealed on the BBC that he is on the hunt. “Borrowing to cut taxes is not conservative,” he said. From the discount to the higher rents, he said, “Show wrong values.” “Are you going to vote for the budget?” “I don’t think that’s right,” he replied. Another conservative, Nadine Dorris, has criticized Truss for “throwing the Treasury Secretary into the wheels of a bus on the first day of the conference.”
Source: La Verdad
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