Jeremy Hunt outlines changes to measures outlined in mini-budget
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Tory members hailed Liz Truss’s victory in the Tory leadership contest this summer as a moment for the party to return to low-tax economics. Kwasi Kwarteng’s mini-budget put this strategy into motion by proposing to abolish the additional 45p rate of tax for the highest earners, and keep Corporation Tax at 19 percent rather than raise it further.
The markets reacted negatively to the announcements and the value of the pound against the dollar plummeted in response. And when Mr Kwarteng then lost his job and senior Tory MP Jeremy Hunt was appointed Chancellor, many saw it as a sign of the Prime Minister losing all credibility.
Who are the favourites to replace Liz Truss if she steps down?
Rishi Sunak is the 7/4 favourite with Betfair Exchange right now to replace Liz Truss as the next Tory Party leader.
Mr Sunak – who lost the recent Tory leadership race to Ms Truss – has enormous experience in government having led the country through the pandemic as Chancellor, and that has made him the frontrunner to become Britain’s next prime minister.
Other candidates leading the way include Jeremy Hunt at 9/2 and Defence Secretary Ben Wallace at 5/1.
Betfair spokesperson Sam Rosbottom said: “2022 remains the 8/11 odds-on favourite year for Liz Truss to leave her role as Tory leader as pressure continues to mount on her position with reports claiming up to 100 MPs have submitted letters of no confidence to the 1922 Committee.
“Rishi Sunak, who lost out to Truss in the Tory leadership contest last month, is the 7/4 favourite to replace her, with Jeremy Hunt 9/2 and Ben Wallace 5/1 to take control of the party.”
Will Liz Truss keep her job? If not, who do you think should replace her? Have your say in our comments section HERE
Mr Hunt is expected to make an announcement to Parliament later today setting out the details of Britain’s new financial plan for the next few months.
In a brief appearance this morning, he said “there will be more difficult decisions” made as he aims to bring down borrowing. The new Chancellor also indicated that some areas of spending will need to be cut, although details of this as of yet remain unclear.
The reversal of Mr Kwarteng’s original plan has led to suggestions that the Prime Minister has lost influence and power within her party and may struggle to continue in her role for much longer.
The chaotic situation has even seen some Conservative MPs publicly come out to call for Ms Truss to step down.
A general election is due to take place by January 2025 at the latest, but a national vote could come well before that if the Government’s problems continue and a snap general election is called.
If Ms Truss does step down in the coming weeks, it could mean another lengthy Tory leadership contest, although it is thought that there is little appetite for this in the party at the moment.
Meanwhile, Labour continues to hold a huge lead in the polls and Sir Keir Starmer has accused the Prime Minister of being “in office but not in power”.
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