She found herself in political trouble
British Prime Minister sacrifices her close ally to save herself
Terrace refused to apologize to her party or the public due to the disruption caused by the mini-budget.
Reuters
Kwasi exits the government.
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Britain's Prime Minister, Liz Truss, sacrificed her finance minister and closest political ally just weeks into her premiership, and the reason for that was to try to save herself from the first political quandary she found herself in.
On Friday morning, the British Chancellor of the Exchequer, Kwasi Quarting, was summoned a day before his return to London from the United States directly to 10 Downing Street, where he was relieved of his duties.
The move comes three weeks after Kouassi announced a controversial mini-budget teeming with unfunded tax-cutting measures that sent financial markets crashing and at one point caused the pound to fall to its lowest level against the dollar in decades.
Markets have stabilized somewhat since then, after a major intervention from the Bank of England, after rumors that the mini-budget would be abandoned and reports of Kouassi being sacked.
You are not out of trouble
However, Kouassi's departure does not mean that Terrace is out of trouble. The free-market policies that called for tax cuts announced by Kouassi were the exact ticket that Terrace relied on to become prime minister.
The pair shared a view of low-tax, high-growth Britain in a book written by a group of Conservatives in 2012. Kouassi and Terrass were firmly in their vision of Britain, and his removal from office is a tacit acceptance that their economic plan has failed.
"The problem was never with their budget or the numbers, it was more about the credibility of the plan," a former Conservative cabinet minister told CNN shortly after Terrace fired Kwase.
He adds, "It can reverse the numbers, but it cannot reverse its credibility. It removed its lightning rod, and now it will take the lightning strike."
Terrace ended a brief press conference in 10 Downing Street on Friday afternoon in which she defended her economic vision, but refused to apologize to her party or the public, due to the turmoil caused by the mini-budget.
"We understand that because of the ongoing market issues, we have to tackle the task in a different way, and that's what we're fully committed to," Truss said.
When asked if she would say sorry to her party's lawmakers, some of whom are publicly destroying her economic agenda, she replied, "I am determined to implement what I set out when I was campaigning to be party leader. We need a high growth economy, but we have to realize that we are facing very difficult issues." as a country.”
Terrace soon replaced her ally Kwasi with former Cabinet Secretary Jeremy Hunt, whom she described as "one of the most experienced and widely respected Cabinet ministers and parliamentarians".
divergent opinions
Opinions differed on whether the new chancellor would have an impact on the stability of the party or the Terrace.
Some Conservative MPs believe Hunt, who has served as health secretary and foreign, culture, media and sports minister under previous governments, will bring unity to a party still recovering from a painful summer leadership crisis.
He is respected by both left and right in the party, and has a calm, reassuring and familiar nature that appeals to all conservatives.
However, it is easy for the opposition Labor Party to attack him.
Skeptics of Hunt point out that his record in government is patchy.
Whether the accusations are true or not, it will be possible for opposition leaders to argue that as Minister of Health, he failed to adequately prepare Britain's health services for the coronavirus pandemic.
As a candidate in the party leadership contest after the turbulent premiership of former prime minister, Boris Johnson, Hunt has already committed to corporate tax cuts, more so than Terrace.
When asked why they think Trass chose Hunt, despite his obvious flaws, an influential Conservative MP told CNN that it was possible that Trass looked at her leading rivals during this summer's leadership race and realized Hunt was the candidate from the left of the party. The one who received the fewest number of deputies' votes, thus poses a lesser threat to it than the other contenders.
upcoming letter
Hunt is expected to address the nation on October 31, to present the country's fiscal policy that will explain how the government plans to balance borrow money, to help citizens pay their energy bills over the next two years.
Trace said reversing the tax cuts would save £18 billion.
It's just that more savings can be made as Kwasi's budget becomes a distant memory.
What worries Conservative MPs most is that Truss's credibility has been eroded and her authority has been lost.
It has appointed an adviser that it cannot blame for any future setbacks, and now looks dangerously weak in the face of the opposition Labor Party, which has regrouped and is leading in the opinion polls.
protection
Under party rules, Terrace is protected from a leadership challenge in her first year as prime minister.
It is possible that her lawmakers could rewrite the rules, but even if they could, there is no certainty that replacing them would upend the polls.
It got to the point that one Tory lawmaker suggested a good solution would be for Truss to go so a new leader could try to turn things around, enough to prevent the opposition from winning a landslide victory in the next election.
And some lawmakers fear that crowning another leader without consulting the public - just months after replacing Johnson in a similar fashion - could make the party look worse in the public eye.
All this means that Trass and her party are in an unenviable position at the moment.
Unable to carry out major reforms, without key allies to unify the party, the Terrace government risks appearing as a caretaker government, simply waiting for someone else to take over.
• What worries Conservative MPs most is that Truss's credibility has eroded and her authority has been lost.
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