December 11, 2023

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British Prime Minister Liz Truss fires Finance Minister Kwasi Quarting

British Prime Minister Liz Truss fires Finance Minister Kwasi Quarting
Philip Hammond arrives for a Cabinet meeting in Downing Street on July 12, 2016 in London, England. (Christopher Furlong/Getty Images)

Former British chancellor Philip Hammond said on Friday that Britain’s Conservative Party’s economic reputation and growth agenda had been left “in tatters”.

Hammond said this in an interview with BBC Radio 4.

“[Truss’ government] They haven’t fully resolved the economic issue and I don’t think they can solve the political damage that has been done.”

“I’m afraid to say we’ve gotten rid of years and years of hard work building and maintaining a reputation as a fiscally disciplined and efficient party in government. Many of the arguments we routinely use against Labor about fiscal management will seem very flimsy in light of what has happened over the past few weeks.”

Hammond’s comments come as the United Kingdom faces great economic turmoil. spoke before Truss gave a press conference In Downing Street where she officially announced a major shift in corporate tax.

Hammond criticized Truss’s economic policy on growth and said she would “have to return to a more traditional economic policy”.

“Liz Truss’ economic agenda was very simple: she cuts taxes, growth comes automatically. This approach, which means using borrowing to finance the cost of tax cuts until growth starts, if that happens, is now off the agenda,” he said.

Hammond believed Truss could remain as prime minister and did not ask her to resign. “I don’t think the country will tolerate a change of another leader without a general election,” he said.

What Truss says: in The dismissal of Finance Minister Kwasi Quarting Announcing another reversal in her mini-budget, Truss admitted the difficulty of her task on Friday but She said she “acted decisively” to calm the markets.

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Truss says Jeremy HuntHer new advisor, “one of the most experienced and widely respected government ministers and parliamentarians.”

Facing heavy criticism, is refused to apologize to her party or to the public because of the instability caused by her economic plan.