Home Business News Tory MPs express ‘concerns’ that Truss ‘inept madness cannot go on’ as this ‘disaster should never have happened’

Tory MPs express ‘concerns’ that Truss ‘inept madness cannot go on’ as this ‘disaster should never have happened’

by LLB political Reporter
28th Sep 22 3:47 pm

Tory and opposition MPs are expressing their concerns over Liz Truss and her “inept madness cannot go on.”

Following the Chancellor Kwasi Kwarteng’s mini budget divisions are now emerging amongst Tory MPs amid the financial crisis this has created in less than one week.

On Wednesday the BoE was forced to take immediate emergency action as the pound continues to lurch lower and is now worth $1.0549, a 1.7% drop on the day. On Monday, it hit an all-time low of $1.0327 against the dollar.

The Bank said on Wednesday morning that they will intervene in bond markets to try and stabilise them, after the recent selloff.

“It will start buying long-dated gilts from today to “restore orderly market conditions” and stave off a “material risk to UK financial stability.”

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In a very rare move the International Monetary Fund IMF) raised serious concerns over the Chancellor’s mini budget.

Mel Stride, Conservative chairman of the Commons Treasury Committee, warned “there’s a lot of concern within the parliamentary party, there’s no doubt about that.”

He told Sky News, “I don’t want to speculate on the future of the Chancellor other than to say that I think where the party should be at the moment is really uniting at a time of economic crisis.

“The last thing we want now is a political crisis to compound that, and I think really focus on this issue of growth.”

Simon Hoare, the chair of the Northern Ireland Select Committee, cited the former Tory Chancellor Norman Lamont during the sterling crisis of 1992.

Hoare tweeted, “These are not circumstances beyond the control of Govt/Treasury. They were authored there.

“This inept madness cannot go on.”

Nick Timothy, who was chief of staff to former Prime Minister Theresa May, blasted Truss’s plan, he tweeted, “This is not conservatism.”

“And it is not what conservatives do. Ideology and unnecessary risks with market confidence are supposed to be what the other side does.

“We do need a different plan – but this is a disaster that should never have happened.”

Daniel Hannan, who is a key Tory voices behind the push to leave the EU, wrote on the Conservative Home website playing down market concerns about the £45 billion package of tax cuts.

He wrote in a piece which was published on Wednesday, Lord Hannan wrote, “What we have seen since Friday is partly a market adjustment to the increased probability that Sir Keir Starmer will win in 2024 or 2025 – leading to higher taxes, higher spending, and a weaker economy.”

He added, “Some pundits don’t like Truss, others have never forgiven the Tories for Brexit, yet others are horrified by the idea that growth, rather than equality, should be the Government’s priority.

“Fair enough. But let’s be clear-headed about what is happening.

“To blame these tiny tax reductions for the fall in the pound is akin to a fly alighting on an exhausted shire horse as it lies down to sleep, and telling itself that it wrestled the mighty beast to the ground.”

Tory MP Robert Largan also spoke out and said it was a “mistake,” the decision to cut the top income tax rate when “the Government’s fiscal room for manoeuvre is so limited.”

He tweeted, “This is a deeply worrying time. Elected officials need to be honest about the choices we face & Government needs to take a pragmatic, fiscally responsible approach on the short-term support needed for people & long-term strategic thinking to ensure our energy security.”

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