Oct 19, 2022
By Angus Gillespie
British Prime Minister Liz Truss has only been on the job for a brief period of time after taking over for Boris Johnson, but she’s already in a massive battle to remain in the position.
Describing herself as a fighter who won’t quit, Truss is facing an onslaught of hostile opposition from within her own Conservative Party over what many are calling a severely mismanaged economic plan.
The status of the economic plan has already put the prime minister’s job in jeopardy according to some lawmakers.
Home Secretary Suella Braverman resigned after allegedly breaching rules by sending an official document from her personal email account. In her resignation letter, Braverman said she had “concerns about the direction of this government.”
The government’s economic plan includes the equivalent of US$50 billion in unfunded tax cuts. The plan immediately instigated chaos on financial markets, with the value of the pound sterling dropping quickly. It became so troublesome that the Bank of England was forced to intervene to prevent the crisis from spreading, which could have put some pension funds at risk.
Truss has apologized for the missteps but insists that by changing course, the government’s plan is now heading in the right direction.
Figures released on Wednesday reveal that Britain’s inflation rate rose to 10.1% in September, returning to a 40-year high first hit in July, as the soaring cost of food was the main culprit impacting household budgets.
Several names have been bandied about as a possible successor to Truss. Even recently ousted leader Boris Johnson has been touted as possibly returning, despite being embroiled in ethics scandals.