Conservative MPs warn UK PM Liz Truss to fire British Chancellor Kwasi Kwarteng or face mutiny
Truss-Kwasi
After the Bank of England's intervention in addressing the instability in the financial markets, the new Prime Minister, Truss, is under immense pressure from Conservative MPs to fire Kwasi Kwarteng immediately or face a mutiny.
Tory MPs expressed shock at how the pound fell drastically at a time when houses in the country were already having a hard time keeping up with living expenses after the government's mini-budget caused market turmoil.
They asked the prime minister to change her mind to scrap the top 45p tax rate, which they claimed had received backlash in the constituencies and claimed that Kwasi would have to resign for the party to survive the financial crisis.
In conversation with The Guardian, a spokesperson said that the prime minister and chancellor are working on supply-side measures required to strengthen the economy.
Both Truss and Kwarteng didn't make any comments on this. However, Andrew Griffith, the Treasury's financial secretary, in conversation with Sky News, said that all major economies are going through the same volatility as the UK as a result of Russia's invasion of Ukraine.
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Watch |UK PM Liz Truss plans to cut down stamp duty in mini-budget, focus on reviving British economy
As a result of this mini-budget, there was rising dissatisfaction among the conservatives. MPs demanded reforms from the government.
Some MPs said that the financial package had been a disaster and that the party could only be revived to balance with the cancellation of Friday's mini-budget and the removal of the chancellor, while some claimed that the damage had already been done.
One MP stated that Kwasi has to leave, while others said that the markets have absolutely lost their faith in the UK government.
A former minister said that Kwasi should be removed, but Truss could not escape her responsibility.
The MPs demanded that the situation be difficult to handle and urged the prime minister to replace her chancellor and reassign Treasury's management to someone with more experience.
(With inputs from agencies)
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