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The Guardian - UK
The Guardian - UK
Business
Larry Elliott

As Truss heads for crucial Monday, signs are that U-turns will not be enough

Liz Truss attends a news conference in London
It has been retreat all the way for Truss ever since and it no longer really matters whether she stays or goes. Photograph: Reuters

The markets have tasted blood and are eager for more. Liz Truss has sacked Kwasi Kwarteng as chancellor and ditched another piece of the mini-budget announced less than a month ago, but she now faces another week in which financial turmoil and political intrigue create a toxic mix.

Monday will be a crucial day for the prime minister. If sterling heads towards parity with the dollar and rising bond yields put upward pressure on mortgage rates, Truss may soon be handing in her resignation to King Charles.

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