// British Conservative MP publicly forced the ward Tras Former Treasury Secretary Kwatten predicted that she would not last for a few weeks //
Tras urgently replaced Treasury Secretary Kwatten last week, intending to express his intention to change fiscal policy and no longer shake market confidence with a mini budget. The newly appointed Chancellor of the Exchequer Hunt (Jeremy Hunt) has made it clear that will fight inflation by increasing taxes and reducing budgets, hoping to calm the domestic turmoil.
But the arrow was not turned back. Even though Tras chose to announce a high-profile return, the "arrow" shot had caused great destructive power, and the mini budget's blow to her dominance continued.
On Sunday (October 16), Conservative MP Crispin Blunt became the first party member to publicly call for Tras to step down. He said the game began after the mini budget of Tras and former Chancellor Kwaten caused economic turmoil.
Last Friday, he privately stated that he could allow former Chancellor Sunak and former Defense Secretary Modant to form a coalition to replace Tras, who are also the strongest opponents of Tras in the prime minister's election.
As of now, three Conservative MPs have publicly called for Tras to step down . Congressman Jamie Wallis said he had sent a letter to the Prime Minister asking her to step down.
According to the rules of the 1922 British Conservative Party Backbench Committee, 15% of the MPs of the MP3 Conservative Party MPs wrote to the Chairman for a vote of trust, and the committee would start a vote of confidence in the incumbent Party leader.
Tras could theoretically be exempted from entering the program within one year. But Blunt said if the parliamentary party had a lot of opinions, it would take effect. How happens and under what mechanism is completed remains to be discussed, but it will happen.
complaints within the Conservative Party
The Tras policy has been "nonsense" in the past few weeks, seriously undermining the credibility of the government and further splitting the Conservative Party. Now there are many criticisms of the Prime Minister within the Conservative Party, and calls for resignation are rising.
Sources said former Chancellor Kwaten, who was ruthlessly dismissed, predicted last Friday that Tras would leave Downing Street in a few weeks.
Former British Chancellor George Osborne during the Cameron period believes that Tras is unlikely to continue to serve as prime minister before Christmas.
Conservative poll expert Lord Hayward said it would be difficult for Tras to continue as prime minister and the Conservatives are looking for successors everywhere. If the market calms down, the new prime minister will win praise; and if the turmoil cannot be calmed down, it will be entirely blamed on Tras. Although the relatively moderate Conservative Party members of
do not ask Tras to step down, they also agree that cabinet needs to be "fundamental reset".
According to senior Conservative Party member Alicia Kearns, he does not want to question whether the Conservative Party and Trars have the ability to continue to rule, but there is no doubt that the cabinet needs to be reset.
Former Health Minister Matt Hancock and MP Robert Halfon also agreed with this view and demanded that the cabinet be reorganized as soon as possible.
There are also objections outside the party
Scottish Democrats said that Prime Minister Tras has pushed Britain to the brink of recession and almost collapsed the real estate market, all of which has happened in just a few weeks. The firing of the incompetent Chancellor of the Exchequer does not solve the problem, and Trass must leave.
The party calls on more Conservative MPs to come forward and ask her to resign to end the chaos.
Labor Party’s shadow Commerce Minister Jonathan Reynolds criticized Tras’s policy and said he had no idea what she was doing and did not know what she would hear next week.
He said he would listen to the Conservative Party, but he wanted to know where to cut the budget. Looking at the current situation of the British health system and judicial system, how can it be reduced? The current cuts are all bitter fruits caused by the Conservative Party’s previous budget, entirely because of the party’s incompetence.
Former Deputy Governor of the Bank of England Sir Charles Bin accused the government of trashing the blame to Central Bank of for being dishonest. Most of the reasons for inflation come from changes in the global environment, and the rest are issues of government budget management.Now Britain is more economically like Italy or Greece .
Another party in the UK - Liberal Democratic Party directly shouted out the proposal for an early election, saying that the problem is not Tlas and her government, but the entire Conservative Party. If this is the case, it is better to leave them all.
The party leader Sir Ed David said helplessly that he hopes the budget can improve the situation, but I am afraid that a lot of damage has been caused.
//Tras lost all his face! The new British Chancellor of the Exchequer almost canceled all tax cuts //
On Monday night, Beijing time, the newly appointed British Chancellor of the Exchequer Jeremy Hunter announced the latest adjustments to the mini-financial case of the Trass government. Hunter "almost" completely reversed the tax cut plan announced by Tras at the end of last month, and also cut the energy subsidy plan a lot.
In the video released by the British Ministry of Finance, Hunter meaningfully said at the beginning that One of the core responsibilities of any government is to take all necessary measures to maintain economic stability. So while both he and the Prime Minister promised to lower the tax rate, Tras had followed outside doubts about the Mini Fiscal Act and canceled some tax cuts last Friday, and the Ministry of Finance decided yesterday to make further adjustments to the Mini Fiscal case, will revoke almost all tax measures announced in the growth plan three weeks ago.
Affected by this, European stock markets and US stock futures rose together, with the pound/USD rising by more than 1% during the day.
(GBP/USD Minute Line Chart, Source: TradingView)
Hunter will elaborate on policy changes to parliament later and accept questions, but given the market's high sensitivity to these issues, he and the Speaker agreed to release a briefing to the public first.
The two most critical points of yesterday's adjustment were that Hunter announced that it would suspend the planned basic income tax rate of "indefinitely" and the original plan was to lower the basic income tax rate from 20% to 19% in April next year. Hunter said he would wait until the right time in the future before advancing the tax cut plan. At the same time, for the energy guarantee plan for to lock in residents' energy expenditure, the project's duration has also been cut from the two years announced by Tras to "at least until April next year."
Hunter said that the Prime Minister and himself agreed that keeping public finances exposed to the unlimited fluctuations in international natural gas prices is not a responsible behavior. The Ministry of Finance will conduct research on policies after April next year.
In addition to shortening the relief time, the "mini bill" of the Trass government only has some scraps that the market does not pay much attention to. Hunter introduced in the video that although the UK government will continue to pull back medical and social care rates and promote property stamp duty reforms, it will no longer continue to cut dividend tax rates, reverse non-payment job reforms introduced in 2017 and 2021, new tax-free shopping plans for non-UK tourists or freeze alcohol tax rates.
plus the cancellation of the maximum tax reduction announced by Kewoten before his dismissal and the measures to lift the freeze of corporate taxes last Friday, the "Trass New Deal" that triggered a violent reaction in the global capital market was almost completely rewritten.
Tras government has not yet emerged from the crisis
Although the taking of office of the Conservative Party’s old minister Hunter temporarily stabilized the situation, suspicion about the position of Prime Minister Tras has not ended. Even George Osborne, who served as Chancellor of the Exchequer during Cameron's time, has publicly expected that Britain will welcome new Prime Minister before Christmas.
and even the weekly Sky News has quoted odds for deduction: After Trass leaves, who has the best chance to become the next British Prime Minister .
Judging from the current market odds, the new Chancellor of the Exchequer and Jeremy Hunter, who is "the most powerful in the current government", is in the lead. He went to the last round of the 2019 Conservative elections but lost to Boris Johnson . Following closely behind is Sunak, who ranked second and third in the party's top election this year and Penny Modant .Boris Johnson, who compared "Cincinnatus" (the consul in the Rome period, rose again after releasing his armor and returning to the field), and the low-key Secretary of Defense Wallace are also considered to have a chance to challenge.
/// In the midst of embattled voices, Tras admitted to making a mistake and apologized //
On the evening of Monday (October 17), local time, British Prime Minister Tras apologized to the members of the meeting with some Conservative MPs. said that the government he led made a mistake in the formulation of a "mini budget". Tras' press secretary told the reporters present that Tras thought he "wanted to do too much and was too hasty" and apologized for it.
Tras said in a media interview: "I am willing to take responsibility and apologize for the mistakes I have made." She insisted that she would lead the Conservative Party to the next general election and stayed because I was elected to serve this country.
Early that day, the newly appointed British Chancellor Jeremy Hunter announced the latest adjustments to the mini fiscal case of the Trass government, and Hunter "almost" completely reversed the tax cuts announced by Tras at the end of last month. The decision was welcomed by investors but it broke the economic agenda of Tras.
Tras believes that her term as prime minister for more than a month is "not perfect", but she "corrected" her mistakes. She also said that if she does not change her course, it is irresponsible behavior.
She said she was still committed to boosting economic growth in the UK, but admitted that it would take longer to achieve.
Tras said she was willing to take responsibility for "going too far, too fast" and wanted to "apologize for the mistakes she made." "I do think it's a sign of an honest politician, and he would say: Yes, I made a mistake. I've solved this mistake. Now we need to serve people."
Embassy Tras is working to defend his position as prime minister, and several senior Conservative MPs met privately that day to discuss how and when to remove Tras. Although, according to party regulations, no formal challenge to the Conservative Party leader shall be posed within one year of office.
In addition, if Tras is fired, there is little agreement between the parties who will take over her position. Several members of parliament have publicly asked her to resign, and the media is waiting for a while. Tras can stay in the position of prime minister for a few days. There has even been speculation about who has the best chance to become the next British Prime Minister.
. According to the Daily Telegraph, senior British Conservatives said that evening that the chairman of the 1922 committee, Graham Brady, is expected to meet with Tras in the next 36 hours, conveying the Conservative backbenchers' concerns about turmoil in recent days, which will be his second meeting with the Prime Minister this week. Downing Street insisted that the meeting was just a regular reminiscence planned in advance, but the meeting was held against the backdrop of a mutiny within the party, which would intensify speculation.
And late Monday night, 1922 committee officials held a meeting and decided that by September next year, there was no need to change the current rules that prevented a new vote of no confidence against the Prime Minister.
This article is from Cailianshe
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