Liz Truss’ premiership could near “the beginning of the end”, GB News Economics Editor Liam Halligan warned, with Conservative MPs submitting no-confidence letters to the 1922 Committee over her economic agenda. The pound sterling hit an all-time low this week against the dollar following Chancellor Kwasi Kwarteng’s mini-budget speech and tax cuts plan. The borrowing-fuelled tax cut spree seems to be dividing the Conservative MPs, as the country is already on brink of a recession.
GB News’ Halligan said: “There is real concern. There’s talks about letters being submitted to Sir Graham Brady challenging Liz Truss’ leadership when she’s barely got her knees under her desk at Downing Street.
“The good news for the Conservatives, particularly Chancellor Kwasi Kwarteng this morning, is that the pound does seem to have stabilised overnight.
“It’s a 1.8 dollar, which is roughly where it was 48 hours ago before we started talking about a sterling crisis.”
However, Mr Halligan warned Liz Truss’ Cabinet could still change course and save the economy.
“But that doesn’t mean this is over. It may just be the beginning of the end – it’s a quote from Churchill – given that a lot of people around the world will be looking to see what the government, what the Treasury, what the Bank of England now say.
“They are of course determined to say nothing at all. They don’t want to be seen to be panicking, taking the markets on.
“That’s why yesterday’s statements were rather thin, very little new action.
“That 22 November date that you mentioned there for the Chancellor’s next fiscal statement.”
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