![]() ![]() The opposition Liberal Democrats called for an emergency weekend session of the House of Commons for Hunt to provide more detail on the government’s economic plan. Truss is also facing pressure from across the political spectrum. “Her fate is now in the hands of the markets.” Truss is trying to restore confidence and rebuild her credibility with international investors and members of her own party after the “mini-budget” she and Kwarteng unveiled three weeks ago sparked political and economic turmoil. Earlier, she fired her close friend Kwasi Kwarteng as head of the Treasury and replaced him with Jeremy Hunt, a long-time lawmaker who has served three previous stints as a Cabinet minister. But the market response was muted and the political reaction to what many saw as panicked moves left Truss’ credibility in tatters after only six weeks in office.Īt a hastily arranged news conference, Truss said she was acting to “reassure the markets of our fiscal discipline” by ditching her pledge to scrap a planned increase in corporation tax. LONDON (AP) - Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on a major part of her tax-cutting economic plan Friday as she struggled to hang on to her job after weeks of turmoil on financial markets. ![]()
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