Liz Truss

The British prime minister also insists she will 'definitely' lead her party into the next general election.

[forced to deny](https://www.politico.eu/article/uk-economy-liz-truss-not-hiding/) that Truss was hiding from scrutiny. [used a television address](https://www.politico.eu/article/hunt-tears-up-truss-tax-and-energy-plan/) to essentially tear up the manifesto which Truss ran on to ultimately win the summer’s Tory leadership contest. [openly plotting ways](https://www.politico.eu/article/liz-truss-prime-minister-uk-conservative-party-finished/) to oust the prime minister, who was forced to sack her close friend Kwasi Kwarteng as chancellor following a furious market response to her tax-cutting agenda.

“The tax cuts were so huge and bold, the language so extraordinary, that at times, listening to Kwasi Kwarteng, I had to pinch myself to make sure I wasn't ...

“Only by bearing down on the amount of tax the state collects across the income spectrum, and reducing the regulatory burden, can we create better conditions for growth.” The Mail trumpeted its enthusiasm for Kwarteng’s mini-budget across two front pages. Although many warned the budget was doomed from the start, there were also plenty of cheerleaders who greeted it with breathless enthusiasm in late September. [free market thinktank the IEA](https://www.theguardian.com/politics/2022/oct/04/kwasi-kwarteng-appearance-iea-thinktank-fringe-event-embedded-no-10), said he was looking forward to the “maxi” budget that would follow the mini-budget. [Alex Brummer, wrote](https://www.dailymail.co.uk/debate/article-11244431/ALEX-BRUMMER-Kwasi-Kwarteng-delivers-genuine-Tory-Budget-spells-end-Treasury-doomsters.html): “The boldness and courage of Kwasi Kwarteng’s debut budget is seismic,” and erroneously predicted it would result in “lifting confidence and sparking a surge in consumption and investment”. [announcement on 23 September](https://www.theguardian.com/uk-news/2022/sep/23/kwasi-kwarteng-mini-budget-key-points-at-a-glance), heralded the “biggest tax cuts in 30 years!” – which the paper predicted would “turbo-charge growth” rather than precede a sterling crash.

Mr Hunt announced he was scrapping "almost all" of the tax cuts announced by the government last month, in a bid to stabilise the financial markets. A minister ...

Allies of Ms Truss have acknowledged it was a crucial 24 to 48 hours for her premiership. You can also get in touch in the following ways: She also denied there had been a "coup" to remove her. Instead, Ms Truss sent Commons Leader Penny Mordaunt in her place for the clash. He told Sky News: "I think her position is untenable. Ms Truss had previously ruled out a further windfall tax on energy companies. A penny cut in income tax due in April will now not happen. Former chief whip Andrew Mitchell said the prime minister had just a fortnight to save her premiership and "if she cannot do the job, she will be replaced". In a series of tense exchanges, Ms Mourdant told MPs the "prime minister is not under a desk" hiding to avoid difficult decisions. A minister had to deny Ms Truss was hiding "under a desk" after the prime minister did not attend a clash with Sir Keir Starmer in the Commons. Asked if he would introduce a "proper" windfall tax on energy companies, Mr Hunt said he was "not against the principle" of taxing profits that are "genuine windfalls", adding that "nothing is off the table". Mr Hunt announced he was scrapping "almost all" of the tax cuts announced by the government last month, in a bid to stabilise the financial markets.

Jeremy Hunt ditches economic strategy and drops 'almost all' tax cuts announced by predecessor Kwasi Kwarteng.

if she cannot do the job, she will be replaced.” Former chief whip Andrew Mitchell said the prime minister had just a fortnight to save her premiership. But at a time when markets are rightly demanding commitments to sustainable public finances, it is not right to borrow to fund this tax cut.” “And that is what I am determined to do.” “Governments cannot eliminate volatility in markets but they can play their part and we will do so,” he said. He also scrapped a planned one percentage point cut to the basic rate of income tax, from the existing 20 per cent, along with a range of other tax cut reversals.

The UK newspaper front pages cover the Chancellor's tax cut reversals as Truss's fight for survival takes centre stage.

The Mail leads on Truss’s perilous position in parliament and her “grovelling apology” for economy blunders. “I do want to accept responsibility and say sorry, for the mistakes that have been made.” “We must take decisions of eye-watering difficulty,” the paper quotes Hunt’s warning to MPs. “Humiliated” the Mirror says. “Truss was warned on Monday night that she was ‘in office but not in power’”, the paper reads. The paper writes that the mini-Budget has been “dumped in a catastrophic humiliation” to the PM as one Tory says Truss has “poured petrol over everything”.

'The great office of Prime Minister was yesterday reduced to an unedifying game of ghost-hunting,' The Sun writes in an editorial.

The thought of a broken PM having to appear at PMQs tomorrow is almost tragic. “If it is, they must come to a solution – and fast – that can command the support of MPs and the millions of Tory voters looking on in horror.” “It’s time for the wise men and women of the Conservative Party to decide whether the loss of confidence in Miss Truss is terminal,” it writes. Yet allies insist she wants to fight on — and Tory MPs have no clear plan to replace her. Inside, the newspaper’s editorial goes further, urging “wise Tories” to decide swiftly the fate of the prime minister if she is in fact a “lame duck”. The Daily Mail’s political editor, Jason Groves, writes Ms Truss is “in office, but not in power” across the paper’s front, a reference to the appearance of government control moving into the new chancellor’s hands.

Speaking for the first time after almost all the tax cuts announced in last month's mini-budget were scrapped, the prime minister said: "I recognise we have ...

The extraordinary events have led to some Tory MPs calling for Ms Truss to go, with Sir Charles Walker telling Sky News political editor Beth Rigby: "I think her position is untenable. to help people with their energy bills to deal with the issue of high taxes, but we went too far and too fast. I've acknowledged that." She said she is "sticking around" because she was "elected to deliver for this country", adding: "I will lead the Conservatives into the next general election." I appointed a new chancellor, we have restored economic stability and fiscal discipline. "We were elected on the 2019 manifesto, and I want to go on and deliver that."