A turbulent day for UK politics: Finance minister replaced, Liz Truss announces major policy U-turn and more
Liz Truss
Battling to salvage her few weeks old government, British PM Liz Truss on Friday undertook some major steps, including a change of the finance minister, to placate the nation even as reports suggest that fellow Tory leaders seek to dethrone her.
The new government's intention to cut taxes and pay it with billions more in borrowing, announced on September 23, set off a financial upheaval that culminated in today's turbulence in the UK.
Watch |'Tory politicians question Liz Truss' leadership,' says International Affairs expert Pethiyagoda
According to AFP, the embattled leader dropped her main economic proposal and declared that she will stick with the Boris Johnson government's intention to increase corporate profits tax after previously changing her mind about lowering income tax rates for the top earners.
With conservatives allegedly plotting her demise, the Tory leader on Friday sacked Kwasi Kwarteng as chancellor of the exchequer for implementing her own agenda. Many have come out and said that the ex-chancellor was used as the "fall guy".
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Also read |UK Politics | As it happened: Liz Truss sacks FM Kwasi Kwarteng in a desperate bid to placate chaos
Kwarteng took to Twitter and while promising to support Truss in the future, confirmed that he was asked to step aside.
He has been replaced by the centrist former foreign secretary and Tory leadership candidate Jeremy Hunt, who is Britain's fourth chancellor this year.
Also read |Liz Truss declares she will increase corporation tax just hours after sacking her Finance Minister
The dismissal saw the pound fall in comparison to USD, falling under $1.12.
At a press conference later in the day, Liz declared, "I want to deliver a low-tax, high-wage, high-growth economy" adding we will get through the storm.
However, not everyone shared the sentiment. Politicians, especially those in the opposition, were quick to ask, "If her Chancellor is gone, what is the justification for Liz Truss remaining in post?"
As she was leaving the press conference after fielding just four questions, a journalist reportedly shouted "Aren't you going to say sorry?"
Even though Truss didn't reply to that or to the questions of whether she retains credibility after dismissing Kwarteng for implementing her own agenda, she did say, "We will get through this storm."
(With inputs from agencies)
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