Great British Cabinet Earthquake! Prime Minister Truss announced on the 14th that he would replace the finance minister boasting, and the former foreign minister Hunter returned to the core of power. Opposition lawmakers sarcastically said that Truss can continue to “abandon the car and protect the coach” to replace cabinet members, but it cannot change the fact that her cabinet is a “sinking ship”.
At a news conference, Truss announced the second hairpin of fiscal policy, which is the increase in corporate tax from 19 percent to 25 percent. The previous hairpin bend was the government’s decision not to abolish the 45 percent top threshold for the income tax rate.
Hunter, a former foreign secretary, ran a run for Conservative Party leadership against Johnson, who later became prime minister, in 2019, but lost and stayed away from the decision-making center.
Quarteng served as Minister of Finance for only thirty-eight days. Three weeks ago, the boastful announcement of the budget caused financial market turmoil, forcing the Bank of England to intervene to stabilize. Recently, media reports have speculated that Truss may make a big turn in policy and adjust the budget. The hard-hit sterling exchange rate and government bonds were boosted by the news.
Hunter served as Chancellor of the Exchequer under former Prime Minister Theresa May and Secretary of State for Health and Culture under Prime Minister Cameroon. He was banished to the back row of Congress after losing the leadership race in July 2019.
Hunter was a staunch supporter of Sunak during Truss’ race against former treasurer Sunak for leadership of the Conservative Party after Johnson’s resignation.
Truss “disregarded previous suspicions” and made Hunter the “second-in-command” of the cabinet, which is seen as an intention to appease the opposition in the party.
The only good news for Quarton is that he can take a quarter of his annual salary as a severance package. Although he has only been in office for 38 days, he has already crossed the three-week threshold for cabinet ministers to receive severance pay.
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