Liz Truss is facing growing pressure from jittery Conservative MPs to sack Kwasi Kwarteng or face a mutiny after the Bank of England’s emergency intervention to address the turmoil in the financial markets.
The move prompted comparisons to 1992’s Black Wednesday, when the UK was ignominiously ejected from the European exchange rate mechanism.
Tory MPs expressed disbelief at how sterling had slumped after the government’s mini-budget sparked market turbulence, compounded by the chancellor’s subsequent remarks, at a time when households across the country were already struggling with the cost of living.
They said Kwarteng would have to resign for the party to survive the financial crisis, as they urged the prime minister to reverse her plan to scrap the top 45p tax rate, which they said had been received badly in their constituencies. » | Pippa Crerar and Jessica Elgot | Wednesday, September 28, 2022
Why are these poseurs in hard hats? You don't need hard hats in offices! Such vanity! It would be far better if they thought more about how to do their jobs properly and better. Then, perhaps, we wouldn't be in the mess and economic chaos we now find ourselves in, with the pound in freefall. God what a pair of dorks! – © Mark Alexander
