Good afternoon Patrick. There is political turmoil in England. What has happened?
‘Five weeks ago, Truss came into office and laid out a radical plan to stimulate economic growth through huge and unfounded tax cuts, which will primarily benefit Britain’s richest citizens. Things like this are politically sensitive at a time when everyone is faced with high costs of living. This was accompanied by the idea of not increasing taxes on companies, even though this had been planned.
‘This caused huge unrest, and Truss admitted she went too far. The tax plan has been watered down and Finance Minister Kwasi Kwarteng has rejected it. But Kwarteng and Truss are friends and allies, and both stand firmly behind these radical policy proposals. It’s strange that he fired him, because he implemented his policies. As the most responsible person, he should resign.’
And how did his Conservative Party respond?
“The policies he will implement now are not the policies that got him elected as party leader five weeks ago. In fact, the policy proposed by his rival Rishi Sunak is: frugality. That’s completely inconsistent. New Chancellor of the Exchequer Jeremy Hunt is a Sunak ally. Actually Truss is no longer useful. The Tory party is leading dramatically in opinion polls and Sunak’s allies are set to stage a rebellion in the coming days. Yesterday he gave a press conference; he looked like a rabbit in the headlights.”
Looks like this won’t go well. Why didn’t the Tories dump Truss sooner?
‘The Conservatives have just elected Truss in an internal membership election. If they appointed a new leader now, they would embarrass themselves. The party is in big trouble, they have a useless leader but they can’t get rid of him well. At home, as well as around the world, everyone is laughing at this mistake.’
Why didn’t Truss respect herself and hand in her resignation?
‘That’s not how Truss works. He really seemed to be a very adamant person. He has always wanted this job, and stepping down now and stepping down as the shortest-serving prime minister is something he will not do. But the Conservative Party also knows that Truss is a dead end. They won’t let him finish his job for another two years until the next election. Before Christmas, I think Sunak or Defense Secretary Ben Wallace will take over. Previously, Finance Minister Jeremy Hunt was the real ruler in Britain, because now Truss’ position is so weak. He also hopes to become Prime Minister, so keep an eye on him.’
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