UK MPs to try to oust Truss, who insists on 'sticking around'
Reports say that letters of no confidence are being submitted to head of Conservative Party's committee, Graham Brady.
UK PM Liz Truss issued an apology via the BBC on Monday for "mistakes" in her agenda that led her country to go even further down the crisis spiral, but she assured the British public that she is here to stay.
"I do want to accept responsibility and say sorry for the mistakes that have been made," she said, adding, "I wanted to act but to help people with their energy bills to deal with the issue of high taxes, but we went too far and too fast."
Finance Minister Jeremy Hunt, was appointed on Friday after Truss fired ally and ex-Chequer Kwasi Kwarteng because she knew she had to "change direction". Tax cuts were the centerpiece of the budget announced by Kwarteng and Truss, but they were financed through billions in more borrowing, causing panic in financial markets, which has fed into higher costs for British households in the middle of a cost-of-living crisis.
"We will have some very difficult decisions ahead," Hunt said, warning that "all government departments" face spending restraint. "And some taxes will not be cut as quickly as people want. Some taxes will go up," he said.
Truss and Kwarteng attempted to upend British fiscal policy by unveiling 45 billion pounds of unfunded tax cuts last month to snap the economy out of stagnation. But the response from bond investors was brutal and borrowing costs surged whereby lenders pulled mortgage offers and the Bank of England eventually had to step in to stop pension funds going under.
"It would have been completely irresponsible for me not to act in the national interest in the way where I have," she commented.
Truss referred to the impact of her policies by saying she understood the "very difficult" time for families across the UK and that she would do whatever it takes to relieve their burdens, but maintained that this wouldn't be as effective since her two-year energy package to help the country was drastically modified by Hunt and will now last merely until April.
"The most vulnerable will be protected into next winter," she said. "We're looking at exactly how we can do that."
She reiterated that she is "sticking around because I was elected to deliver for this country, and that is what I am determined to do." These comments come after Truss has been facing scrutiny from her own party ever since she took office - less than a few months ago.
Veteran Tory MP Crispin Blunt was the first to publicly urge Truss to resign, believing that she could not withstand the current crisis. “I think the game is up and it’s now a question as to how the succession is managed,” he said. The Tories, in addition, are pushing forward Rishi Sunak and leader of the House of Commons Penny Mordaunt to replace Truss, according to the Daily Mail.
According to a Daily Mail report as well, Downing Street warned that attempting to oust and replace Truss this week would trigger a general election as more than 100 Conservative MPs are intending to submit letters of no confidence in Truss to the head of the Conservative Party's committee, Graham Brady. This will in turn either remove Truss from her position or lead to party rule changes to instigate an immediate vote of confidence in her leadership.
An anonymous Tory MP said, “If she [Truss] loses the confidence of the parliamentary party and cannot regain it, then she will have to go. Of course it will look bad. But we have a duty to stop things descending into the kind of chaos that causes long-term damage.”
The report claimed that Brady may resist the move, on account that both Truss and newly appointed Chancellor Hunt deserve a chance to plan an economic strategy in a budget due October 31, and in a separate report by The Times, secret discussions were conducted by lawmakers on replacing Truss with a new leader.