CONSERVATIVE PARTY FORCING BRITISH PRIME MINISTER TRUSS TO RESIGN

 UK Prime Minister Truss intensifies pressure to resign, blames economic turmoil, may be within the week

The large-scale tax cuts announced by British Prime Minister Truss have caused market turmoil, and there are growing calls from within the ruling Conservative Party for the prime minister's resignation. British media reported on the 17th that the movement to "unload trusses" will be in full swing within this week, which may lead to a political situation.

Liz Truss, who took office on September 6, announced on September 23 a tax cut that will amount to about 45 billion pounds (about 7.6 trillion yen) over five years as a measure against rising prices. However, due to anxiety about the deterioration of public finances due to large-scale tax cuts, the market was in turmoil, with the currency pound plummeting.

In order to settle the situation, Liz Truss dismissed Finance Minister Kwarteng on October 14 and withdrew one of the main policies, such as "freezing corporate tax hikes." In addition, his successor, the new finance minister, Hunt, announced on the 17th that he would "withdraw almost all of the other tax cuts," an unusual situation in which important government policies were withdrawn less than a month after the announcement.

Liz Truss's tax cut policy has caused widespread international concern, with the International Monetary Fund (IMF) issuing a statement urging reconsideration of "likely widening disparities" and U.S. President Joe Biden criticizing him for "thinking it was a mistake."

Kwasi Kwarteng - Former British Finance Minister

According to British media, by the evening of the 17th, at least five members of the Conservative Party demanded that Ms. Truss resign, saying, "We don't need a vandal, we want an organizer," and "Her position is no longer recoverable." It has also been reported that an internal committee overseeing the leadership election may urge Truss to resign soon.

If Ms. Truss accepts his resignation and is elected as party leader, the candidates to succeed him include former Finance Minister Sunak, who lost to Mr. Truss in the July ~ September leadership election, as well as former Defense Minister Mordaunt and Finance Minister Hunt.

However, since the leadership election just ended in September, there is resistance within the party to holding another leadership election in a short period of time. According to British media, some lawmakers who defend Ms. Truss have strongly criticized the "removal of Truss," saying, "Political stability is important now."

Liz Truss - Appointed as British Prime Minister on 6th September 2022