Liz Truss has been Britain's prime minister just six weeks. But she's scrambling to keep her grasp on power after her economic plans caused a near-meltdown of the financial markets.
After The Economist said Truss’ time in control of the government — before the Sept. 23 “mini-budget” that set the markets aflame — was “roughly the shelf-life of a lettuce,” the tabloid Daily Star set up a livestream featuring a photo of the prime minister beside a head of iceberg, adorned with a blond wig, eyes and a mouth. It asks “Can Liz Truss outlast this lettuce?” — which, five days in, is gradually turning brown.
On Monday Hunt scrapped almost all of Truss’ tax cuts, along with her flagship energy policy and her promise that there will be no public spending cuts, saying there are “many difficult decisions” to be made before he issues a medium-term fiscal plan on Oct. 31. The pound fell 0.75% against the U.S. dollar to $1.1273 in late morning trading in London, after jumping as much as 1.2% on Monday. Yields on 10-year government bonds rose to 4.081% after dropping to 3.973% on Monday. Bond yields, which represent the return investors receive on their money, rise as a borrower’s creditworthiness decreases and decline when it improves.“While one could argue that yesterday’s measures have stabilized the public finances in the short term and pulled the U.K.
Under Conservative Party rules, Truss is safe from a leadership challenge for a year, but those rules can be changed if enough lawmakers want it. Some Conservative legislators also believe Truss can be forced to resign if the party can agree on a successor. But the many divisions in the party — whose factions range from hard-right Brexiteers to centrist “One Nation” Conservatives — makes that a challenge.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fossil fuel protesters charged after tomato soup thrown on Van Gogh's 'Sunflowers' in London galleryTwo anti-fossil fuel protesters who were filmed throwing tomato soup on Van Gogh's 'Sunflowers' in a London gallery Friday have been charged with criminal damage offenses.
Read more »
Bong Joon-ho's Mickey7: Release date, plot details, cast, London shooting locationsFilm Twitter is in meltdown mode: Parasite director Bong Joon-ho and Twilight-slash-arthouse king Robert Pattinson are about to collaborate on their first movie together. Here's everything you need to know about Mickey7:
Read more »
White London Official Faces Probe After Quipping About His ‘Tan’ at Black History Month EventDarren Rodwell, who leads the Barking and Dagenham Council in London, also said: “I have the passion of the rhythm of the African and the Caribbean. I used to do swing dance, because I used to love jiggling about.”
Read more »
Camila, Queen Consort, awards Booker Prize winner in London to author Shehan KarunatilakaWriter Shehan Karunatilaka won the prestigious Booker Prize for fiction for 'The Seven Moons of Maali Almeida,' a satirical 'afterlife noir' set during Sri Lanka's brutal civil war.
Read more »
Taylor Swift Unveils Her Second ‘Midnights’ Lyric in London & It’s ‘Real Nice’Swift shared her second lyric reveal in her boyfriend Joe Alwyn’s hometown.
Read more »
Thief Snatches $20K Painting From Pop-Up Show in Abandoned London Hotel“The thieves have no chance of reselling it,” the gallery owner said, “so they’ll either covet the work in secret, or they’ll abandon and destroy it—that would break my heart.”
Read more »