UK's Truss sacrifices finance minister, scraps tax plan in fight to survive

With financial markets in turmoil, a chastened Truss said she accepted her government's plans for unfunded tax cuts had gone "further and faster" than investors were expecting.

"This marks the first time in decades - since at least the 90s - that the financial markets have forced the government of a big developed economy with its own central bank to capitulate on core fiscal ambitions," analysts at consultancy Evercore said., after he rushed back to London overnight from IMF meetings in Washington where Britain's chaotic recent management of its economy was a focal point.

Yields on the long-dated bonds which bore the brunt of the market turmoil are now within less than half a percentage point of the 20-year highs they struck on Wednesday. "The party loves the idea of principles and conviction politicians, but staying in power is everything," one party insider told Reuters. "Ruthless can also be popular."

Underlining how far Britain's reputation for sound economic management and institutional stability had fallen, a meeting of G7 finance ministers on Wednesday focused on Britain, and not the usual source of concern, Italy, a source said.

On today's episode of 'Chancellor Island': Will the next one last more than a month? 🤣🤣🤣

Why can’t the current Conservative party put private politics aside and put the UK people first they are making our govt a laughing stock and giving the opposition (all parties) cannon fodder 😖😖😣

She's a joke, she said before we will break Russian economy, now she say Russia broke our economy

Base Liz of-course .

🔥👀😂🤧

Someone was fired because of her wrong decision? 🤣🤣🤣

Trickledown is a dump and most destructive theory of economics..

She sacked him because he his a Black man,

NeverTrustATory ToryShambles ToryCostOfGreedCrisis ToryCriminalsUnfitToGovern torychaos

How embarrassing she forgot one thing. ‘To resign’

She is a 🐷🐖🐽

Lol!

🤣it's like pilot error..... remember her 1st statement about countering China... 1st comment should always for your people not others if do then it's not deserved candidate...only RISHI that's only option they have for best .... JUST HAVE FAITH ON INDIAN MIND ND NEVER REGRET

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