TIMES.KY

Cayman Islands, Caribbeanand International News
Saturday, Dec 21, 2024

Liz Truss's government is living hour by hour

Liz Truss's government is living hour by hour

The Truss programme for government is dead. This is a hand-to-mouth government, living hour by hour.

If you pick up the hint of panic in the air, you're not the only one. Make that a stench. Anything apparently solid quickly becomes air.

Now, nearly every element of her prospectus has just been shredded by her new chancellor.

The statement that has just been delivered is the second yanking forward of an important economic moment for the country. Originally it was in the diary for November. Then Halloween. Now we've had it today.

"We will reverse almost all the tax measures" from the mini-budget, Jeremy Hunt said. What an extraordinary thing to hear.

Diaries are going out of fashion at Westminster but to be clear, there still will be a statement in a fortnight's time, alongside those numbers about the state of the economy from the Office for Budget Responsibility.

But so nervous are those in charge of the market reaction, that they dared not leave an announcement until mid-afternoon when he'll stand up in the Commons.

That's right - a government so petrified by the pace of events, dragging forward a statement by a fortnight isn't soon enough.

Not only has the planned cut in the basic rate of income tax been binned, so has the plan originally from Rishi Sunak to cut it in 2024.

The prime minister who promised to cut taxes by more than her rival over the summer, is now keeping them higher than he planned.

And even the flagship energy support package, the crutch upon which the prime minister has leant whenever asked a tricky question in the last few weeks, has shrivelled vastly.

It is now a six month package, not a two year one.

So if this feels a bit confusing this is where it is at: There had to be an interim statement before the interim statement, to try to steady the ship.

This is a ship where bits have already broken off and sunk, and where the navigation equipment - the very direction and purpose of this government - was ripped out and thrown into the sea with first the U-turns, then the ejection of a chancellor.

A ship where plenty of the crew are eyeing up the lifeboats, near certain the whole thing is going down soon enough.

"If polling suggests an alternative leader will lose fewer seats than she will, then she's had it," one MP not prone to exaggeration or shouting their mouth off tells me.

"Not many of us buy the idea that another leadership change is the worst case scenario. Nothing can be worse than where we are already," they said, adding "you can't sack your closest ally for carrying out your orders and call it pragmatism."

Yesterday Liz Truss invited Jeremy Hunt and his family to lunch at Chequers. He has gone from backbencher life on Friday morning to the prime minister's country retreat in Buckinghamshire 48 hours later for a three-hour meeting where I am told they were in "violent agreement".

Some in the Tory party see him as the real prime minister now, so enfeebled is the actual prime minister's authority. One source suggested they are working "in lockstep."

That's the very phrase they used to use about the bloke she blew out of the building on Friday lunchtime, the now former Chancellor Kwasi Kwarteng.

What we seem to be getting now is shock and awe in reverse - the Big Bang of radical policy ideas blitzed in one go, promised by Liz Truss when she took office - going backwards. Fast.

One source described today as a "down payment" on what the government is now promising.

Say whatever we can, as quickly as we can, to reassure the markets.

My sentence not theirs, but that's the thrust of it.

So in details terms, the focus today is tax. And the focus in a fortnight will be spending.

Even a chancellor moving as fast as this one can't negotiate detailed cuts across Whitehall over a single Sunday roast or whatever.

That discussion will start tomorrow in a cabinet meeting.

Remember: this is about two things: Restoring the government's financial credibility and propping Liz Truss up in office.


With things moving at such a breath-taking pace, here's how the rest of this afternoon shakes up:

Labour tried to haul the prime minister to the Commons to answer for what is going on. But she didn't turn up and instead sent Leader of the Commons Penny Mordaunt, putting back the chancellor's appearance by about an hour.

Liz Truss is meeting her backbenchers, offering to see them all this week. This evening, she is hosting what is being called a "reception" for her cabinet.

What on earth is a "reception" you might ask? Well, we have.

The gist of it seems to be trying to reassure her ministers and include them in forthcoming decisions - not least the government spending cuts to come, after they were frozen out of plans before the disastrous mini-budget.

I can bring you a little nugget about one of the things that set tongues wagging last week - that throwaway remark from the King when he met Liz Truss for their weekly audience at Buckingham Palace. You might recall that King Charles said "dear oh dear" as he exchanged small talk with the prime minister as she arrived.

Inevitably some couldn't help jump to the conclusion that he was somehow offering a commentary on the pickle she is in. I'm now told it was actually a nod of sympathy because of logistics - it was the prime minister's second visit to the Palace in a matter of hours.

The pace of her premiership, for all the wrong reasons from her point of view, shows no sign of slowing.

Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×