Summary
Here’s a roundup of today’s news, as Liz Truss sacked Kwasi Kwarteng after he returned from an IMF summit in the US, and appointed Jeremy Hunt in his place. Truss then gave a press conference which has not gone down well with Conservative MPs.
Liz Truss sacked Kwasi Kwarteng, a key ideological ally in the Conservative party, making him the second-shortest serving chancellor in modern history.
Kwarteng is said to think that his sacking will only buy Truss “a few weeks” in the job, according to reports in the Times.
Truss announced Jeremy Hunt, former health secretary who has twice stood for the party’s leadership as Kwarteng’s replacement.
Corporation tax will now be raised to 25%, a cut to 19% had been pencilled in. Truss then refused to apologise during a press conference.
Labour leader Sir Keir Starmer has called for a general election as the government “is at the end of the road”.
There are discussions between senior members of the 1922 Committee of Conservative party backbenchers set to take place this weekend, about Truss’ leadership. There are rumours that there has been a “substantial number” of letters sent in to the committee calling for a vote of no confidence, Sky News has reported, despite Truss being immune for a year after her election.
Former chancellor Philip Hammond has said that the Conservative party under Liz Truss have “thrown away” reputation for “fiscal discipline and competence”.
A poll by Savanta/ComRes has found seven in 10 voters say Truss cannot win back their trust. A majority backed Kwarteng’s sacking. Another poll found support for a general election, including among Conservative voters.
The Daily Mail, one of the staunchest supporters of the Conservative party among the national newspapers has published a highly critical front page for its Saturday edition, asking “how much more can she (and the rest of us) take?”
That’s all for today. Thanks for following along. Tomorrow morning the new chancellor Jeremy Hunt will take to the airwaves, his first broadcast interviews since his appointment. He will get the round underway with an interview on LBC at 7am.
Until then, I leave you with our story that Truss’ premiership is “hanging by a thread” after a chaotic Friday.
Kwarteng: 'Sacking has bought Truss a few weeks'
More on that Times piece, which the newspaper has splashed on for tomorrow morning’s edition.
It says that Kwasi Kwarteng, who was Liz Truss’ chancellor until Friday lunchtime and a key ideological ally believes his sacking and her reversing her budget has only bought her a few weeks.
The article reports that Truss told Kwarteng he had to go to restore market confidence.
A source told the Times: “Kwasi thinks it only buys her a few more weeks,” a source said. “His view is that the wagons are still going to circle.”
Even inside Downing Street senior officials believe it is a matter of time before she is forced out of office. “Senior civil servants are now openly talking about her going,” one Whitehall source said. “They think she’s had it.”
