UK Prime Minister Liz Truss has been in the job for just over a month and her premiership is already on shaky ground
At a Downing Street news conference, Truss said she was scrapping plans to reverse a rise in business taxes, a move that will save £18 billion , after a revolt by investors and members of her own Conservative Party worried about the impact of soaring government borrowing at a time of decades-high inflation. It was the second climbdown on a key policy this month: On Oct. 3 the government ditched its plan to slash the top rate of income tax, just over a week after it was announced.
The unfunded tax cuts have been roundly criticized by investors, the International Monetary Fund, credit ratings agencies and members of Truss’ own party, some of whom are now reportedly talking about removing her just five weeks into her premiership. Kwarteng had flown back from the IMF meeting in Washington, D.C., overnight for discussions with Truss. His dismissal Friday means he held the job of UK Chancellor of the Exchequer for just 38 days, the second-shortest tenure on record.
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