Ditching the growth plan may not save PM Truss
GBNEWS24DESK//
Famous for satirical headlines, British tabloids are having a field day due to the UK’s tumultuous politics, which is equally brutal. One of them – the namesake of this paper – has been betting Prime Minister Liz Truss’ tenure with the shelf life of lettuce for a couple of days. Its front page on Monday also featured an image of a lettuce head bought from Tesco, to see if it can outlast Ms Truss’ premiership, and there’s a livestream where readers can watch the vegetable’s progress, too. For those who have a habit of discarding tabloid headlines as gossip, there’s no respite from speculations either. The Conservative-supporting press, too, such as The Sunday Times, has advised the Tories that it would be “astute” to let the Labour Party “confront the economic challenges” ahead. The Economist has also suggested that Liz Truss’ premiership could very well be the shortest one in modern British history.
Political pundits and the media were remarkably unanimous that her sacking of Chancellor Kwasi Kwarteng was nothing but buying off a little more time for herself as his so-called mini-budget that rattled the financial markets was drawn fully on her pro-growth economic promises she had made during her leadership campaign. The reactions to her tax plan in the market and other major economies were quite sharp and harsh. Markets saw her tax cuts unaffordable, which simultaneously weakened the value of the pound and pushed up the cost of borrowing for the government.
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