Liz Truss news – latest: Jeremy Hunt to reveal details of mini-Budget fiscal
Joe Biden calls Liz Truss’s mini-Budget ‘a mistake’
Jeremy Hunt will deliver a statement in the Commons later today setting out the government’s medium-term fiscal plan, after repeated U-turns on economic policy in Liz Truss’s first few weeks in office.
The statement has been brought forward from 31 October in a bid to calm markets, though the full details of the plan will still be laid out at the end of the month.
It comes as more than 100 Conservative MPs were reportedly ready to submit letters of no confidence in Ms Truss as soon as this week.
The MPs will urge Graham Brady, chairman of the 1922 committee, to tell the prime minister that “her time is up” or to change the political party rules to allow an immediate vote of confidence in her leadership, a report in the Daily Mail said.
Three Tory MPs have now publicly called for Ms Truss to resign as a new poll predicts a Labour landslide victory which would see former prime minister Boris Johnson and Priti Patel among Conservatives losing their seats.
1922 Committee members ‘held talks about removal process’
Senior members of the 1922 Committee of Tory backbenchers held talks on Friday evening on rule changes and the possible process involved in replacing Ms Truss, according to The Times.
1922 Committee chair Sir Graham Brady returns from holiday early today to count the number of letters of no-confidence already posted.
It is thought Sir Graham could discuss the matter with the PM if a lot of letters are submitted this week.Some MPs believe up to 100 letters have already been submitted, according to reports at the weekend, but only Sir Graham will know the actual number.
Under current rules, 54 letters is usually enough to challenge a no-confidence vote. Ms Truss is supposed to be safe from any challenge for her first year as leader.
However, Tory MPs have made clear the rules can be changed.Ms Truss is ready meet with moderate Tory MPs in the One Nation group on Monday evening in a desperate to save her premiership – as some MPs discuss whether sufficient opposition can be made clear to force her removal within days.
Prime minister Liz Truss will fight this week to save her premiership
(PA Wire)
Maryam Zakir-Hussain17 October 2022 07:55
BREAKING: Pound gains as new chancellor Jeremy Hunt set to announce financial plan
The pound has rebounced as the British chancellor announced he would make an emergency fiscal statement.
Jeremy Hunt is expected to set out billions of pounds in savings to stabilise public finances after his predecessor’s tax-slashing mini-Budget sparked market chaos.
Sterling made some gains on Monday morning after dropping slightly over the weekend.
It rose from 1.121 to the US Dollar in early trading to just under just 1.13 at around 6.45am.
Follow this breaking news story live here:
Pound gains as new chancellor Jeremy Hunt set to announce financial plan
The pound has rebounced as the British chancellor announced he would make an emergency fiscal statement.
Maryam Zakir-Hussain17 October 2022 07:43
Sunak’s former adviser says Hunt’s statement will bring government together
Rishi Sunak’s former adviser Douglas McNeill said chancellor Jeremy Hunt’s statement will be a chance for the government to demonstrate a “united front” in the House of Commons.
Mr McNeill, who was Mr Sunak’s adviser during his tenure as chancellor from February 2020 until July this year, told BBC Radio 4’s Today programme: “I think one lingering doubt that arose over the weekend was the fact that Jeremy Hunt wasted no time in borrowing Truss-onomics, good and proper, in his media appearances.
“There was a bit of a suspicion that he’d gone further than the prime minister might have wished – he certainly seemed to go further than I thought she did in her press conference on Friday, although that was a relatively brief affair of course, so it was hard to get a full sense of her thinking.
“But nevertheless, the suspicion exists I think that he went a bit further than she would have wished him to, so today’s announcement is a chance to dispel this impression.
“It will be good to see them sitting I presume together on the front bench of the Commons presenting this plan together, ensuring a united front.”
Mr McNeill said he believes “the vision to create a VAT exemption for foreign tourists” will be scrapped from the mini-budget outlined by Kwasi Kwarteng, and cuts will be made to the capital budget.
Maryam Zakir-Hussain17 October 2022 07:40
Jeremy Hunt to set out spending cuts today in emergency statement
Liz Truss’s new chancellor Jeremy Hunt will set out billions of pounds of savings to stabilise the public finances in an emergency statement…
Read More: Liz Truss news – latest: Jeremy Hunt to reveal details of mini-Budget fiscal