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After only 40 days of work, the British government of Liz Truss is already in danger. The Prime Minister has sacked Chancellor of the Exchequer (Economy Minister) Kwasi Kwarteng and brought in Jeremy Hunt to replace him. The Conservative MPs are in revolt against their leader, whom many consider incapable.

The step back from the head of the Treasury comes after the political and financial storm which has upset the Truss executive’s mini budgetary maneuver in recent weeks. A hyperliberal plan which contained billionaire reductions in deficit taxes, that is to say to be financed by the increase in the public debt. And all this despite rising inflation, the global economic crisis caused by the war in Ukraine and rising interest rates. In such a context, the mini-maneuver would have caused, according to its detractors, an aggravation of the already difficult conditions of the state budget. In addition to a tax cut for the wealthy classes which upsets public opinion across the Channel.

Photo Ansa / Epa Tolga Akmen

A maneuver that has sparked a wave of controversy since its announcement in Parliament on September 23. Until the climax, represented by what is in fact a sacking in an attempt to find a scapegoat: the resignation of the Chancellor of the Exchequer, Kwasi Kwarteng. Due to uncertainty over the coverage of the Truss government’s tax cut plan, financial markets reacted very badly to the plan, forcing the Bank of England to intervene in favor of the pound sterling and government bonds . And giving rise to a dangerous showdown between political and monetary authorities.

The UK had 3 Chancellors of the Exchequer in 3 months. Nahdim Zahawi between July 5 and September 6, Kwasi Kwarteng for 38 days, starting today Jeremy Hunt. And maybe it doesn’t end there.

— ROBERTO ZICHITTELLA (@ROBZIK) October 14, 2022

Bad mood against Liz Truss

The Chancellor of the Exchequer will soon meet Prime Minister Liz Truss. Kwasi Kwarteng returned overnight from Washington, where he was for meetings of the International Monetary Fund, anticipating his return to London within a day. On October 13, The Times newspaper reported on growing discontent within the Conservative Party towards the Prime Minister, who appeared in September to be the most apt to replace the fallen star of Boris Johnson within the Tories.

Boris Johnson. Photo Ansa / Epa Salle Neil

Liz Truss therefore attended a committee meeting of Conservative supporters last week. Many called his speech at the summit “disastrous”. And the mood among some party colleagues called him “lead”. According to party rules, Liz Truss, as prime minister, has the “right” not to be questioned for at least 12 months. In short, a year to prove his worth at the head of the country. Normally, a replacement of Conservative leadership is triggered when 15% of Conservative MPs write to the chairman of the committee to express their distrust. An MP interviewed by The Times said that “if we vote, we will reach the threshold of a vote of no confidence in a few hours”.

Lzz Truss meets King Charles on October 13. Photo Ansa / Instagram The royal family

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