British Prime Minister Liz Truss has only been in office six weeks and she’s already so unpopular that The Economist has compared her “grip on power” to “the shelf-life of a lettuce,” which in turn resulted in the Daily Star running a livestream that pits Truss against a 6-pence Tesco lettuce.
Truss took office on September 6, after disgraced former Prime Minister Boris Johnson resigned, and shortly before the passing of Queen Elizabeth II. Following the swift unraveling that was her mini-budget disaster, many believe that Truss’ days in Downing Street are numbered, and she’s losing support even from within her own party.
On Monday morning in the UK — as Lettuce gained YouTube polling favor over Truss with 97% of close to 15,000 voters jesting they’d rather have the lettuce for PM — the newly installed Chancellor of Exchequer Jeremy Hunt made a brief televised announcement ahead of the medium-term fiscal plan on October 31st. The announcement was also aired on the Daily Star’s #LizVsLettuce livestream.
Hunt said that he would reverse almost all of the government’s planned tax cuts that have not started parliamentary legislation, a move that basically sets aside Truss’ free-market economic plan in a desperate effort to stabilize the financial markets and save her government.
“A central duty for any government is to do what’s necessary for economic stability,” he said. “No government can control the markets but every government can give certainty about the sustainability of public finances.”
The details of the reversals will be given to parliament later in the day, but included in the announcement is the shelving of the reduction in the basic income tax rate, which was deemed as the centerpiece of Truss’ tax-cutting plans for Britain’s economic growth.
The Lettuce might still outlast Truss, but Hunt’s announcement could afford her a little more time. The PM is set to meet with her cabinet minister on Monday evening and then go on a few more with Conservative MPs before the medium-term fiscal plan in two weeks.
Information for this briefing was found via The Economist, The Daily Star, The Guardian, Twitter, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
