Truss sacks Chancellor in last-ditch bid to save her premiership

Liz Truss’ premiership is “hanging by a thread” as she sacked her ideological soulmate as her Chancellor in an apparent bid to save her political career.
Mason Boycott-Owen
By Mason Boycott-Owen
Published 15th Oct 2022, 06:00 BST

The Prime Minister yesterday reversed a key campaign pledge and part of her and Kwasi Kwarteng’s growth plan following days of speculation.

During a televised press conference, Ms Truss confirmed that the Government will reverse her policy to scrap the planned rise in corporation tax from 19 to 25 per cent, which would have cost £18bn.

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Only the previous day, Kwasi Kwarteng and Downing Street insisted that he was “100 per cent” going to remain in the job, before he was then asked to step down by Ms Truss and replaced with Jeremy Hunt.

LONDON, ENGLAND - OCTOBER 14: UK Prime Minister Liz Truss answers questions at a press conference in 10 Downing Street after sacking her former Chancellor, Kwasi Kwarteng, on October 14, 2022 in London, England. After just five weeks in the job, Prime Minister Liz Truss has sacked Chancellor of The Exchequer Kwasi Kwarteng after he delivered a mini-budget that plunged the UK economy into crisis. (Photo by Daniel Leal - WPA Pool/Getty Images)LONDON, ENGLAND - OCTOBER 14: UK Prime Minister Liz Truss answers questions at a press conference in 10 Downing Street after sacking her former Chancellor, Kwasi Kwarteng, on October 14, 2022 in London, England. After just five weeks in the job, Prime Minister Liz Truss has sacked Chancellor of The Exchequer Kwasi Kwarteng after he delivered a mini-budget that plunged the UK economy into crisis. (Photo by Daniel Leal - WPA Pool/Getty Images)
LONDON, ENGLAND - OCTOBER 14: UK Prime Minister Liz Truss answers questions at a press conference in 10 Downing Street after sacking her former Chancellor, Kwasi Kwarteng, on October 14, 2022 in London, England. After just five weeks in the job, Prime Minister Liz Truss has sacked Chancellor of The Exchequer Kwasi Kwarteng after he delivered a mini-budget that plunged the UK economy into crisis. (Photo by Daniel Leal - WPA Pool/Getty Images)

It comes after weeks of Ms Truss, Mr Kwarteng and No 10 insisting that the pair were in “lockstep” in their economic vision for the country.

Ms Truss told reporters that she was “incredibly sorry to lose him” and that he is “a great friend and he shares my vision”.

The Prime Minister repeatedly ducked questions from journalists who all asked why the Chancellor should have to resign over their shared economic plan, while she can keep her job.

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After refusing to answer four questions, Ms Truss quickly left the lectern, with Downing Street confirming that she will work from her Chequers residence this weekend.

Though the move to sack one of her closest allies and friends may have bought her some economic help, the mood amongst Tory MPs does not seem to have improved dramatically.

It is expected that senior members of the 1922 Committee of Tory MPs will meet over the weekend to discuss Liz Truss’ future as Prime Minister, while today saw further letters of no-confidence sent to Sir Graham Brady, the committee’s chairman.

Discussions are continuing between senior Tory backbenchers and former cabinet ministers over who could be chosen by the parliamentary party to take over to “steady the ship”.

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Senior Conservatives last night expressed alarm at the state of Liz Truss’ premiership, and the condition of their own party.

Conservative grandee Lord William Hague has said the leadership of Ms Truss “hangs by a thread”.

The former chancellor Lord Hammond said the events of the past weeks had wrecked the party’s reputation for fiscal discipline, leaving her growth agenda “in tatters”, but Ms Truss will survive in Number 10 only because Tory MPs do not want a general election they know they will lose.

Related topics:Liz TrussKwasi KwartengPrime MinisterMPsGovernment