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British Prime Minister Liz Truss faces calls from her party to resign. Even though she gave up on the reduction of corporate income tax and dismissed the finance minister who had been a political ally for more than ten years. retire To reduce dissatisfaction with the new government’s £45 billion stimulus plan – tax cuts
Prime Minister of the United Kingdom’s Treasury Was relieved of office on Oct. 14 after flying back from an IMF meeting in the United States. suddenly to meet with the Prime Minister at the No. 10 House in London
After the resignation of Mr Garten Mrs Truss has announced the appointment of former Minister of Health Jeremy Hunt and former foreign minister. assumed the position of Minister of Finance immediately
Warteng has been in office for just over a month and has just announced plans to stimulate the economy and cut taxes worth £45 billion. to the House of Representatives on Sept. 23, but the plan has no details on whether Where will the money come from for this plan? causing the pound to fluctuate fell to a record low before rebounding Home loan interest rates skyrocket Government bond prices fell sharply. until the central bank had to intervene
Even the tax cut plans created a stir in the financial markets. But Gau Teng insists he will not adjust the stimulus plan. with another name “Mini-budget” (mini-budget) and 1 day earlier news sources in the prime minister’s office told the BBC that Ms Truss said the Treasury minister had “doing an excellent job”.
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After news of his dismissal published in the British media. Warteng tweeted his resignation letter.
Future Liz Trust
Since the Conservative Party won a landslide election in December 2019, Mrs Truss has been the second prime minister after Boris Johnson and a leading member of the Conservative Party. Many people think It was time for Mrs. Truss to step down. Because you and Mr. Garten who is a close friend in politics Working together for more than 10 years, they are the ones who drafted this huge economic stimulus plan. Warteng’s dismissal is a betrayal, while the main opposition parties, Labor and Liberal Democrats, have called for the dissolution of parliament and new elections. Some members of the Conservative Party’s House of Representatives fear that The party will lose a new general election.
At a very brief press conference on Friday afternoon, Oct. 14, Ms Truss answered a reporter’s call for resignation. She will be in the next position to create a low taxation country. has a high rate of economic growth and stable
But she backed down on the policy announced in September about reducing corporate income taxes. Her government previously announced it would not raise corporate income tax from 19% to 25%. Johnson has announced that it will come into force from April 2023 to revert to previous government policies. That would generate roughly £18 billion in revenue for the state a year.
Several Conservative MPs spoke of dissatisfaction with the content of Ms Truss’ press conference.
“This is the worst press conference I’ve seen in a decade and a half,” said one ruling party lawmaker.
Some assumed that the time for the truss was almost over. and may see Jeremy Hunt, who was recently appointed Finance Minister, become prime minister instead.
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Prime Minister Ghazi Gwarteng is a close friend of the political affairs of Prime Minister Liz Truss.
Minister of Finance, short-lived
Warteng, who was in office for just 38 days, is the second-shortest-serving finance minister after Ian McLloyd, who died after just 30 days in office in 1970.
Since 2019, the Conservative Party has ruled the country. The UK has four finance ministers, including Nadiem Zahawi, who was the third shortest in office at 63 days, and Sajid Javid, who was the fourth shortest in office. with 204 days
image source, BBC
Kwazi Guardeng (right) speaks to BBC political editor Chris Mason (left) on Sept. 23, 2022, after he announced plans for the country’s biggest tax cuts in 50 years.
economic stimulus planbeing criticized
Warteng intends to provide this multibillion pound tax cut to help boost the economy amid double-digit inflation, people can’t hold back. But the opposition party said This plan is to help the rich more than the poor. will cause inflation to rise Investors in the financial markets are not convinced of this plan. Many types of tax cuts Where will the money come from to compensate? Fears that the state will have a lot of debt from borrowing in a rising interest rate environment. The pound also dropped more than 3% against the dollar on Sept. 23, the day he disclosed the plan to the House of Commons. It hit the lowest record in 37 years.
At that time, the finance minister, who had migrated from Ghana as a child, full of confidence He has an excellent academic record, including a high school at Eaton, a bachelor’s degree at Cambridge University, a master’s degree at Harvard University, and a doctorate in economic history at Cambridge. I believe that This tax cut plan will make the British economy. Can definitely compete with other European nations.
But criticism of the plan from both the opposition Members of the Financial Markets Conservative Party grew increasingly demanding a review of the plan, but Ms Truss defended the plan. And stood by Gauteng the whole time, one of the Conservative MPs told the BBC: The situation now seems to be “checkmate and we are in a disaster”.