CNBC: UK PM Liz Truss announces another huge U-turn and names Jeremy Hunt as finance minister
* Truss scrapped the pledge to reverse predecessor Boris Johnson’s hike of corporation tax from 19% to 25%, a decision estimated to restore around £18 billion ($20.1 billion) to the U.K. Treasury’s coffers by 2026.
* Finance Minister Kwasi Kwarteng was fired earlier on Friday after less than six weeks in the job, amid mounting political pressure and market chaos.
* Jeremy Hunt — a former health secretary and foreign secretary — was announced as Kwarteng’s successor.
* Chris Philp, chief secretary to the Treasury, was also replaced by Edward Argar.
LONDON — British Prime Minister Liz Truss on Friday scrapped another key tax-cutting policy after firing her finance minister, in a bid to placate markets after the government’s controversial “mini-budget.”
“It is clear that parts of our mini-budget went further and faster than markets were expecting,” Truss said in a brief press conference.
Truss scrapped the pledge to reverse predecessor Boris Johnson’s hike of corporation tax from 19% to 25%, a decision estimated to restore around £18 billion ($20.1 billion) to the U.K. Treasury’s coffers by 2026.
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Update #1: Truss confirms new tax U-turn and insists she will stay as PM (BBC)
Update #2: UK’s Truss drops tax cuts, axes Treasury chief amid turmoil (AP)
WNU Editor: The markets are reacting negatively to her speech .... Markets react negatively to Truss speech despite positive response to government U-turn on mini-budget (SKY News).
IMHO Liz Truss' days of being PM are numbered. I will not be surprised if she asked by senior Conservative members next week to resign.
As to who will replace her?
My money is on Rishi Sunak (link here). His image of being Britain's "Obama" will probably appeal to enough members in his party to support him as the next UK leader, as well as his globalist times.
As to the bigger question .... will Rishi Sunak be a good leader?
I have my doubts. The decision to wage economic war against Russia for its invasion of Ukraine has devastated European economies, and in turn a number of EU governments have been defeated in recent elections. Rishi Sunak does not strike me as someone who has the understanding that the EU must reverse its Russia strategy, nor the leadership qualities to make the case on why this must be done.
Another prediction. The Labor Party is well positioned to win the next election.
Update #3: Wow!!! I am not the only one who is making the prediction that Liz Truss will not be the Prime Minister in a few weeks, nor on who will replace her (see videos below).
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