The prime minister had not been seen or heard from in days, prompting claims that she was no longer in charge as an onslaught of media reports revealed schemes inside the dominant Conservative Party to have her removed.
She had just seven days left as prime minister, according to The Economist magazine gave a stinging verdict, when she lost authority to market forces. It stated, “Roughly speaking, that is the lettuce’s shelf life.
The tabloid newspaper The Daily Star took this metaphor literally by putting up a YouTube livestream to see if Truss would continue working there long enough for a real grocery store lettuce to go bad while left out in the open and wearing a blonde wig.
Even President Joe Biden joined in the criticism, calling the tax cut plan a “mistake” in an unusual comment on an ally’s economic strategies.
Truss acknowledged guilt on Monday night. She told BBC News, “I do want to accept responsibility and express sorry for the mistakes that have been made. She echoed the criticism of other analysts and economists both domestically and internationally when she declared that her ambitious ambitions to alter the British economy went “too far, too fast.”
Hunt had earlier announced that he would halt the 38 billion pounds ($42.9 billion) in tax cuts the government had just recently proposed in a televised address to the nation, with a Union Jack flag in the background.
Kwasi Kwarteng, a brief-lived predecessor, had already been forgotten. Since the 12th century, the finance minister’s official title, chancellor of the exchequer, has only been held by one individual who passed away from a heart attack.
After weeks of turbulence, the decision to abruptly abandon the plans and the guy who offered them appeared to have calmed the markets, but the harm has already been done.
Hunt’s involvement amounted to a public execution of Truss’ high-growth, low-tax, free marketeer political philosophy, and analysts concluded that Hunt was the nation’s de facto leader due to the magnitude of the turnaround.
As a prospective replacement, Hunt, Mordaunt, and even Boris Johnson—who only recently resigned following a slew of scandals—have all been mentioned.
Rob Ford, a political science professor at the University of Manchester, stated that there is just one factor keeping the current president in office, and it is not a minor factor.
Experts attribute Truss’ struggles to a toxic combination of a lack of experience and an inappropriate amount of fanatical commitment to ultraconservative economic theory.
“How could they have missed that coming? Anyone could have seen that this wasn’t going to fly.” Added Ford. It lacked credibility from the minute it came. “This was a stark-staringly plainly fantastic plan in the pure understanding of the word.”
Last month, Kwarteng presented a “mini-budget” address to the House of Commons that, within days, would cause the value of the pound to plummet and the cost of government borrowing to soar to unaffordable levels.
Markets collapsed, as critics had anticipated, and the pound hit its lowest level versus the dollar in 30 years.
A “fire sale” that threatened to start a financial disaster was stopped by the central Bank of England, which was forced to take an unusual action.
Although the proposal has been abandoned, the British public would still pay a price with rising mortgage rates and the potential for significant cuts to the nation’s beloved public services, which were already under pressure.
Additionally, the harm could be irreparable politically. Ford stated of Truss’ economic strategy, “It wasn’t just a total failure with the markets, it was a total disaster electorally.”
She is now left with her authority destroyed and the scheme in burning ruins.
One interesting survey indicates that the Conservative Party is 36 points behind the left-leaning Labour Party opposition. Truss’ current according to another poll personal approval rating is – 70.
Truss started her term with a dramatic intervention to aid the populace with skyrocketing energy prices ahead of winter, but she later plunged her administration and nation into disaster.
Ford added that it takes a rare sort of expertise to spend tens of billions of dollars helping people pay their bills and then find yourself instantly branded as criminals who are in the rich people’s wallets. “It’s genius on the inverse Midas scale.”
Hunt even imposed restrictions on this practice.
Even though the media and many of her own colleagues appear to believe it’s doubtful she’ll still be in office at Christmas, Truss said to the BBC on Monday night that she will lead the Conservative Party into the next election.
She must first outlast the lettuce.