Business Maverick: Truss faces whim of markets and mutinous UK MPs in key week

Only 40 days in office, Truss spent Sunday huddling with new Chancellor of the Exchequer Jeremy Hunt, her pick to restore stability after a humiliating climbdown that includedher initial choice for the job and junking an economic plan that triggered a sell-off in UK assets.

Hunt spent the weekend outlining a radically different fiscal approach – taxes would have to rise, spending would have to be cut – in a bid to prevent further punishing increases in UK government borrowing costs. Gilts sold off In recent weeks, I have watched as the Government has undermined Britain’s economic credibility & fractured our Party irreparably.

An ally of Truss warned that the plotters do not have any regard for the UK’s economic prosperity or the fate of the markets. The plotters will not get a coronation and will simply bring about a general election, the person said. Fighting to keep her premiership alive, Truss spent Sunday locked in talks with her chancellor at her official country residence about the contents of the government’s medium-term fiscal plan.

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UK's new finance minister admits taxes to rise as PM reelsBritain's new finance minister Saturday warned of looming tax hikes as he admitted to 'mistakes' made in a disastrous budget that still threatens to bring down Prime Minister Liz Truss.
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As UK's Truss fights for job, new finance minister says she made mistakes - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Britain’s new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, saying Prime Minister Liz Truss had made mistakes as she battles to keep her job just over a month into her term.
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Business Maverick: Asian stocks drop, dollar slips amid wary trading: markets wrapAsian equities fell while major currencies made gains against the dollar in a cautious open to the week following further weakness on Wall Street and a defiant message to the world from China’s Communist Party congress.
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