“The authority of Liz Truss has been badly damaged,” says political expert Gerhard Dannemann (63). After only six weeks in office, the British Prime Minister (47) is confronted with the shards of her work. The ‘mini-budget’ of debt-funded tax cuts for the super-rich and corporations, which helped the Conservative politician win the election, sparked Britain’s financial crisis. “Most doubt she will still be prime minister at the end of the year,” Dannemann said.
It was only Friday that Truss was forced to immediately fire her closest confidant, Finance Minister Kwasi Kwarteng (47). Politicians and media agree on a classic pawn sacrifice. The last days in particular were characterized by confusion and misunderstanding.
One embarrassment follows another
The central bank had to intervene in an emergency because panic broke out in the financial markets. The pension funds were threatened with bankruptcy. And the government claimed the multi-billion dollar measures would continue, which the bank denied. When Kwaiteng was also asked if he would remain in office, he said yes. A few hours later, it was history. In addition, Truss said at a brief press conference that she wanted to stick to her mission of a low-tax country — and “just change the path to the goal.”
The “Sunday Times” is now talking about the Conservative Party’s “death cult” and “Economist” headlines that Truss has completely lost her authority. Your economic course, “Trussonomics”, is dead, even US President Joe Biden (79) seems to agree. He said on Saturday that he “didn’t agree” with the approach to pass such tax breaks in times like these.
Truss’ party is already considering their downfall. According to the Observer, some MPs are planning a meeting. Some in the party say Truss is in charge, but not in control. Others might even want her to leave her post in a few days.
The most powerful is someone else
The most powerful man is now Jeremy Hunt (55), the successor of Kwarteng. Hunt told the BBC on Sunday that Truss is still in charge. But the fact that he has to do this shows that this is not really the case. He admitted “mistakes” by the Truss administration. “We’ve gone too far too soon.” Hunt reversed virtually all previously announced tax cuts yesterday. By doing so, he is tearing down the policies that gave Truss the election victory.
Hunt himself tried to become party leader and prime minister. However, political expert Dannemann says: “I would see him under ‘also ran’.” He wouldn’t have had a serious chance. According to Dannemann, former prime minister candidates Rishi Sunak (42) and Penny Mordaunt (49) have good prospects. “But also Secretary of Defense Ben Wallace (52).” He was initially given the best chance of succeeding Boris Johnson, but declined for personal reasons. “It could look different now.”