UK leader in peril after Treasury chief axes ‘Trussonomics’

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https://apnews.com/article/business-economy-financial-crisis-liz-truss-22add317…
World, Liz Torres, United Kingdom

Associated Press

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As such, AllSides does particularly extensive analysis of AP. When AP displays political bias, or fails to portray political events, legislation, and perspectives in a balanced and even-handed way, the impact is broad and far-reaching. A media outlet that is relied upon by outlets all over the country deserves a high level of scrutiny when it comes to political bias.

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Victoria Jones/PA via AP

The U.K.’s new Treasury chief ripped up the government’s economic plan on Monday, dramatically reversing most of the tax cuts and spending plans that new Prime Minister Liz Truss announced less than a month ago. The move raises more questions about how long the beleaguered British leader can stay in office, though Truss insisted she has no plans to quit.

Chancellor of the Exchequer Jeremy Hunt, said he was scrapping “almost all” of Truss’ tax cuts, along with her flagship energy policy and her promise — repeated just last week — that there will be no public spending cuts.

While the reversal of policy calmed financial markets and helped restore the government’s economic credibility, it further undermined the prime minister’s rapidly crumbling authority and fueled calls for her to step down before her despairing Conservative Party forces her out.

Truss declined to attend the House of Commons to answer a question on the economy from the leader of the opposition, sending House of Commons leader Penny Mordaunt in her place. Mordaunt denied a lawmaker’s suggestion that Truss was “cowering under her desk” to avoid scrutiny.