A month ago, Liz Truss became the new Prime Minister of the UK. The funeral of Isabel II immediately after her appointment delayed her initial decisions at the head of government. Sterling sank and the Bank of England was forced to intervene on September 23 when the finance minister, Kuasi Kwarteng, presented a mini-budget that proposed, among other measures, lowering taxes on the top traders. 65 billion pounds, to prevent the meltdown of pension funds. From there, everything went from bad to worse.
a disastrous start
The initiation of the new administration irreversibly undermined the credibility of Truss and his government. The budget was condemned by economists and financiers in the City of London and world institutions such as the International Monetary Fund. Citizens’ verdict, overwhelmed by the rise cost of living, was similar. Under the current circumstances, it was a provocation to lower the taxes of the top earners or to raise the upper limit of the bankers’ bonuses. In addition, one of the consequences of Truss’ strategy is increase in interest rates your mortgages. There are those who will lose their home. The real estate market may fall.
sink in polls
The impact of the economic proposals was immediately evident in the polls on the intention of the vote. Workers’ opposition 33 points ahead about Conservatives reacting with alarm. “They will wipe us off the map”, they cried. Within a month, Truss had eliminated the Conservative Party’s chances of winning the next election, scheduled two years from now. At this point, the Conservatives know they have made a very serious mistake by choosing the new prime minister. “Boris has damaged our integrity. Truss is hurting our competition,” a proxy told Sky News.
democratic legitimacy
One of the issues discussed with Truss is the democratic legitimacy of imposing extreme measures, which represents only the most extreme wing of conservatives. Truss was not elected to the ballot box and is not included in the program he proposed. Boris Johnson He won the 2019 elections. He is also not popular in the parliamentary group. In the first phase of the new leader’s election, only 113 out of 357 conservative lawmakers voted for him. Many did this for his rival ex-finance minister. Rishi Altar. This means the group of insurgents who, despite having an absolute majority, began to undermine their authority. can overturn your proposals in Parliament.
Criticism and internal revolts
Luckily, it coincided with the arrival of Truss. conservatives annual conference The large mass of unity around the leader, which is usually this type of meeting, turned into a demonstration on this occasion, especially if he was newly appointed. rudeness, attacks and pressure against Truss. The rebels go from the radio studio to the television studios in order not to participate in the measures of the Prime Minister. Outside the microphone, the language is brutal. They got him to withdraw the tax cut for the richest. But this is not enough. Even members of the current government They let them disagree with their plans in front of everyone. Limiting aid and outreach that Truss is preparing is the next battle.
How long will the truss take?
One rift to watch out for is the rift that seems to have arisen between the Prime Minister and the Minister of Finance. Yes kwarteng If he resigns or is dismissed, a crisis can be triggered. Truss could have tried to calm the game by giving up his most unsolicited offers. Conservatives don’t want anger at some elections They knew for sure they would lose, but as one of the deputies who came out of anonymity told political reporter Mhari Aurora, can’t go on anymorebecause the question is between losing the entire next election or maybe losing the next election”.