‘Tory’ politicians increase prime minister’s succession ahead of bond market reaction to Commerce Secretary change
Bond market watchdogs are taking note of all the common sense reassurances issued by Britain’s new Chancellor of the Exchequer, Jeremy Hunt, but no one is taking his answer for granted Monday morning when markets open. “This is not over at all,” a financial systems analyst warned this Sunday.
Hunt admitted in an interview with the BBC that “politicians cannot control the markets”, but “what we can do is talk honestly about difficult decisions”. He acknowledged that no decision has been made yet. He promises that “all the problems are on the table”, he clarified that he wants “people to break up that we are going to make those tough decisions”.
The Sunday Times published that Hunt plans to abolish the advance reduction from 20% to 19% of income tax for taxable income between 14,500 and 58,000 euros. It is a measure that affects 31 million Britons. Former minister Rishi Sunak promised it before 2024 as compensation for higher other taxes, and Truss and Kwarteng moved it forward to 2023.
Hunt and Truss met at the head of government’s country retreat until 4 p.m. Spanish time, but the contents were not disclosed after their first long meeting since Friday. The Prime Minister published an article in ‘The Sun’ reiterating her intention to continue to lead the government and carry out the rest of its program.
A notable mistake by the duo of Liz Truss and Kwasi Kwarteng with the mini-budget that fueled a financial crisis was their disregard for the institutions: the Treasury, the Bank of England and the Office for Budget Responsibility. The central bank eventually forced Minister Kwarteng to resign and Truss to waive some tax cuts.
What does Truss offer the outside world now? A cabinet she presided over, with a moderate economy minister, in favor of the UK’s sustainability in the European Union, who supported Sunak in the campaign to replace Boris Johnson and whose resignation or resignation undoubtedly toppled the government would bring. That strange couple is surrounded by ministers except Defense Secretary Ben Wallace, chosen by Truss for voting for ‘Brexit’ and for her.
Crispin Blunt, a somewhat eccentric Conservative MP, was the first to publicly declare that “the game is over” and the succession needs to be settled. Others followed. George Osborne, the former Chancellor of the Exchequer who failed to convince his friend David Cameron not to call the ‘Brexit’ referendum, believes Truss will not make it to the end of the year as head of government.
Polls show voters disappointed with Truss and the Conservative Party, but the internal struggle is not over. The ‘Sunday Telegraph’ lamented the triumph of critics of the Prime Minister’s plan, and especially the apparent return to ‘management of decay’. It’s an idea that dates back seven decades and is based on the perception that the UK needs to deal with its general decline in its post-imperial era.
Raising taxes – Sunak had raised them to a level seventy years ago – and regulation. The expansion of an inefficient public sector for a passive population. anchored regional branches. A demographic that obscures the present and future of young people. A standard of living financed by growing debt. Government in permanent instability and with extremist outbreaks. “We’re going to be Italy,” complained Matthew Lynn.
The reformer and ‘Brexiter’ spirit of Truss and Kwarteng has faded and Hunt promises stability. But the starting battle for control of the faction of the House of Representatives will hit the cabinet. A stable Conservative Party does not seem possible in the coming weeks. Labor calls for elections to be called, but the ‘Tories’ cannot jump into the void. There is no Mediterranean sun or gelato.
Source: La Verdad
I am an experienced and passionate journalist with a strong track record in news website reporting. I specialize in technology coverage, breaking stories on the latest developments and trends from around the world. Working for Today Times Live has given me the opportunity to write thought-provoking pieces that have caught the attention of many readers.
