Summary
Another eventful day, as we saw Jeremy Hunt reverse nearly all of the measures introduced in the “mini-budget” that has been the cornerstone of Liz Truss’ time so far in Downing Street.
Jeremy Hunt has dropped Liz Truss’s economic plans, including tax cuts and slashing the energy price freeze which the prime minister had championed. The universal provision will now end in April.
Hunt refused to rule out a windfall tax, as well as cuts to defence spending and the pensions triple lock.
He told Channel 4 news that a combination of tax rises and spending cuts will be used to help patch up a £40bn hole in the budget.
The chancellor has appointed a four-person advisory panel to give counsel on the economy, including George Osborne’s former chief-of-staff Rupert Harrison.
Truss did not turn up to answer an urgent question on the economy from Labour leader Sir Keir Starmer. Leader of the Commons Penny Mordaunt answered in her place, but was forced to say that she was not “hiding under a desk”.
Truss apologised in an interview on BBC News, saying that she acknowledged that mistakes had been made.
Earlier in the evening Truss had apologised to the One Nation group of Conservative party MPs.
An election will take place tomorrow for the 1922 Committee, the group of backbench Conservative MPs, that could pave the way for a confidence vote in the prime minister.
Defence secretary Ben Wallace said he will not stand as a unity candidate if Truss stands down, in an interview with the Times.
Two polls by Deltapoll and Redfield and Wilton Strategies puts the Labour party 32 and 36 points ahead of the Conservative party respectively. It would leave the Tories with less than 100 seats, and Labour with a majority of more than 300.
US president Joe Biden’s press spokesperson Karine Jean-Pierre has said he did not regret his criticism of Truss’ “mini-budget”.
That’s all for today, thanks for following along. I leave you with the round up of today’s events.
Two final frontpages, the Daily Mail lead with Liz Truss being “In Office, But Not In Power”
MAIL: In Office, But Not In Power #TomorrowsPapersToday pic.twitter.com/UpVK26jtNV
— Neil Henderson (@hendopolis) October 17, 2022
The Daily Mirror’s headline is simply “Humiliated”.
MIRROR: Humiliated #TomorrowsPapersToday pic.twitter.com/CWHRIcs57Z
— Neil Henderson (@hendopolis) October 17, 2022
