A poorly-received package of tax cuts and a fractious annual conference sent markets reeling and the prime minister’s ratings plummeting – with warnings from senior Tories that the party could face oblivion in the event of an election.
MPs will descend on Westminster for the first time since her Chancellor of the Exchequer Kwasi Kwarteng unveiled the biggest set of unfunded tax cuts in half a century. Despite scrapping one part of the package – to cut the top rate of income tax – dissent appears to have swelled over how Truss plans to pay for it, her brusque management style and divisive policies like immigration and planning reform.
In the first sign of outreach, Truss appointed Greg Hands – a prominent supporter of Rishi Sunak’s failed leadership campaign – as a minister in the Department for International Trade late on Sunday. He replaces Conor Burns, who was fired following a complaint of “serious misconduct” last week.
We've got some serious problems in SA, but at least we don't have this awful woman
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‘Uninvestable’ UK market lost £300bn in Truss’s first monthA wild first month for Liz Truss’s government has seen at least £300 billion (R6-trillion) wiped from the combined value of the nation’s stock and bond markets.
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