His “minibudget” was reduced to nothing on Monday by the new Chancellor of the Echiquier. Down with the leaving, the manager finally affirmed in an interview with the BBC that she remained at Downing Street, but her room for maneuver seems reduced.
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Liz Truss has a closed face, she looks straight ahead, sitting in her awarded place in the House of Commons. The scene is astonishing, almost painful: this Monday, October 17 afternoon, the leader listens to her new Chancellor of the Echiquier, Jeremy Hunt, methodically destroy the “minibudget” which she defended with hardness since he was returned public on September 23. She is still British Prime Minister, but she has clearly lost the game.
The leader has just been deprived of her main policy, which she had put at the heart of her conservative primaries campaign. It is now the financial markets that dictate his tempo to the government and Jeremy Hunt who took orders to try to restore their confidence, lost after investors spectacularly received the economic projects of Liz Truss – Massive tax cuts not funded. The Bank of England had to intervene on several occasions to support the British state obligations which they abandoned.
No more attacks on an supposed “anti-crust coalition” denigrating his plans or the dreams of “Singapore on Thames” than Liz Truss, a follower of “less possible state and taxes”, hoped to put into practice . The country’s “priority” is now “stability” has gone his chancellor from L’Échiquier, 72 hours after taking office on October 14, replacing Kwasi Kwarteng, the architect of “Minibudget” with the chef of the government. Jeremy Hunt, ex-health minister of David Cameron and Theresa May, considered a moderate in the Tories ranks, announced the abandonment of the scheduled decline from 20 % to 19 % of the first tax tranche on the revenue. He also confirmed the transition from 19 % to 25 % of corporate profits tax in April 2023.
“austerity, season 2”
Twice unhappy candidate as Prime Minister, Jeremy Hunt even sacrificed part of the huge aid plan at 100 billion pounds sterling (115 billion euros) announced on September 8 by Liz Truss, two Only days after arriving at Downing Street. This mechanism, aimed at limiting an average of 2,500 pounds per year the energy bills of individuals for the next two years, had been rather well received by the media and the markets and the manager prevailed to avoid questions Breathtaking on the “minibudget”. This aid should now be limited to six months: from April 2023, it will only benefit the most vulnerable households, said Mr. Hunt.
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