Source: Global Times
Chen Jiacun Wang Yi, special correspondent of the Global Times in the UK: Less than two months after taking office, British Prime Minister Truss is facing increasing pressure to govern. According to British media, more than 100 Conservative MPs are preparing to submit a letter of no confidence in Truss to Brady, chairman of the "1922 Committee". Since the UK government announced a "mini-budget" with massive tax cuts on September 23, and more than one subsequent policy "U-turn", Truss is now considered "fully in survival mode". On the 17th local time, Hunter, who had just replaced Kwarten as finance minister, announced that almost all previously announced tax measures would be withdrawn. The UK market reacted positively at the first moment, but the future of Truss remains uncertain. An ally of Truss warned that trying to remove the prime minister could lead to a snap election and another destabilization of financial markets.
"Her time has come"
The headline of the British newspaper article on the 17th highlighted Truss's difficult situation. "Conservative rebel MPs warn game over, Truss fights for survival", the Guardian wrote in a headline. The Daily Mirror said: "Prime Minister stands on the edge of the cliff, Conservative MPs: resign now". "The conspiracy is escalating," the Metro newspaper said. The "Daily Express", which has been supporting Truss, also asked on the 17th whether Truss's policy turn on the "mini-budget" could "save our economy".
According to the "Guardian" reported on the 16th, some Truss' allies warned that the prime minister only had a few days to maintain his ruling position. The Daily Mail quoted anonymous sources as saying that more than 100 Conservative MPs were ready to submit letters of no confidence in Truss to Brady, chairman of the "1922 Commission". The "1922 Commission" is a group of members of the lower house of all Conservative Parliaments and plays a key leading role in the election of the Conservative Party's leader. MPs will urge Brady to tell the prime minister either "her time is up" or amend party rules to allow a vote on her leadership.
According to the Daily Mail, according to the Conservative Party, no matter how many MPs submit a letter of no confidence, a new leader can avoid a vote of no confidence in his leadership position for a year. But Clifton-Brown, who is responsible for the finance of the 1922 Commission, told the media that the rule could be changed, but would need the support of "about 60 to 70 percent" of lawmakers. The Times reported on the 16th that some senior members of the "1922 Committee" discussed the future of Truss last Friday night, and the atmosphere was said to be "grim".
A number of British media disclosed that on the evening of the 17th local time, the main supporters of former British Chancellor of the Exchequer Sunak planned to hold a dinner party to discuss how and when to remove Truss. Sunak is considered one of the strong contenders to succeed Truss. The Guardian said 15 to 20 former cabinet ministers and senior MPs were invited to the dinner.
According to the Daily Mail, some government officials are discussing a "wave of resignations," as they did this summer when they forced former Prime Minister Boris Johnson to step down. Former Chancellor of the Exchequer Osborne predicted in an interview with TV Channel Four that Truss would be ousted by Christmas and that "she is currently only the nominal prime minister".
Truss rescued himself
"British leader Elizabeth Truss went from victory to predicament in six weeks." The Associated Press said in an article on the 17th that during the election campaign, one of her allies predicted that the first few weeks after taking office would be turbulent. But few were prepared for such anger – not least Truss himself. Since coming to power, the prime minister's economic policies have triggered financial market chaos, emergency central bank intervention, policy shifts, and the dismissal of his own chancellor. Senior Conservative backbencher Harfon told the British Sky News Channel on the 16th that "one horror story after another" has occurred in the past few weeks.
Truss is still fighting for his career as prime minister. She plans to meet with cabinet ministers on the evening of the 17th to hear their views on economic strategy, and intends to address a group of centrist lawmakers on the same day to win their support. Ahead of the full medium-term fiscal plan to be released on October 31, Truss is preparing for a series of meetings with Conservative MPs who oppose her.
The Daily Mail quoted a Truss ally as saying that attempts to replace Truss were doomed to failure. According to the Times, another ally of the prime minister accused the "conspirators" of exacerbating market turmoil and working against the British people. Those who want to repeat what happened in the summer "will only bring about an early election," he said. Some people also believe that since the beginning of this year, the United Kingdom has experienced 4 finance ministers and 2 prime ministers, and now they need stability, and it is not a good idea to change people. Harfon warned that for the Conservatives, holding a general election now would mean a "massacre". He said Truss should apologise to the British people for "the chaos of the last few weeks" and that "this has to happen very soon".
Mordaunt, the former defense secretary who previously competed with Truss for the position of leader of the Conservative Party, wrote an article in the British "Daily Telegraph" on the 17th, calling on party colleagues to support the prime minister, saying that the country needs "stability, not soap operas." However, in the Guardian's view, Mordaunt's move was intended to test the reaction of party members.
The new Chancellor of the Exchequer reversed almost all tax cuts
On the 17th local time, the newly appointed British Chancellor of the Exchequer Hunter announced through television that almost all the tax measures announced three weeks ago that have not yet initiated parliamentary legislation will be withdrawn. He said Britain now needed to raise taxes and cut spending to rebuild stability and confidence.
After Hunter's statement, the pound continued to rise against the dollar, rising by 2%. The New York Times said on the 17th that the market recognized Hunter's approach for the first time, and the pound and government bonds rose. However, Reuters believes that Hunt is equivalent to canceling all plans to help Truss win the ruling position more than a month ago, leaving the prime minister to fight for his future. Agence France-Presse commented on the 17th that this is another policy turn of the British government, making Truss's position as prime minister in jeopardy. According to the British "Evening Standard" reported on the 17th, after Hunter announced that he would abandon the tax cut measures, Angela Richardson became the fourth Conservative MP to publicly call for Truss' resignation.
Veteran Conservative MP Roger Gale believes that power now rests at 11 Downing Street (the Chancellor's official residence) rather than 10, where the Prime Minister is. However, Hunter told the media on the 16th that Truss is still "in power". Some moderates have previously analyzed that if Truss can survive this week, she can keep the prime minister.
The UK market may be gradually restoring confidence, but according to the Financial Times, restoring the UK's international credibility will not be easy for Hunt. Osborne said in an interview with the media on the 16th that the political turmoil in the United Kingdom in the past six years is having an impact on the economy, "this is the view of the rest of the world."