Yerevan:   +6 °C
Today:   Saturday, 03 December, 2022

UK Prime Minister Liz Truss faces serious pressure to resign after failed budget

1149
Tuesday, 18 October, 2022, 10:36
UK Prime Minister Liz Truss faces serious pressure to resign after failed budget

U.K. Prime Minister Liz Truss is facing calls to resign from within her own Conservative Party just six weeks after entering Downing Street.

Truss and her former Finance Minister Kwasi Kwarteng announced a fiscal package – a so-called mini-budget – on Sept. 23. The measures triggered market turmoil, from a plunging pound to pension panic, and a rare public rebuke by the International Monetary Fund.

Piece by piece, the plans have been tweaked and trashed – including reversing plans to scrap an increase in the corporation tax, axing plans to abolish the top income tax bracket, and shortening the energy guarantee, designed to subsidize consumer and business energy bills, from two years to just six months.