According to British media, UK’s newly posted Finance Minister, Kwasi Kwarteng has announced a dramatic U-turn on a tax cut to an earlier predicted package of sweeping economic reforms that has bombed the markets, electorate, and Torrie’s politics. According to the details, the change of course by Chancellor of Britain’s Exchequer, Kwasi Kwarteng, and his mentor Premier Liz Truss, raised questions about their right-wing project less than a month after Charismatic Truss succeeded former Conservative party Chief Boris Johnson. The reports suggest that Liz Truss and her treasurer received staunch opposition from their party who criticized the unfairness of the package while senior Tories MPs refused to confirm their support for the proposed legislation in parliament and refused to defend the government’s measures in the public.
The so-called British right-wing Conservative and hawkish Prime Minister Mary Elizabeth Truss has dramatically reversed its first-ever economic plan which her Chief assistant presented in British parliament just two weeks after assuming the job of treasurer. The highly publicized economic estimate suggested scrapping of 45 percent top rate of income tax to be levied on the highest earners, lifting a cap on bankers’ bonuses, reversing a planned rise in corporation tax as well as undoing a recent hike in national insurance contributions. Interestingly, the so-called nation saviors are also not ready to reduce spending and benefits in the middle of the worst cost-of-living crisis in Great Britain.
Although the British Premier and her Secretary of Treasury perceived a vigorous plan to bring sweeping reforms in the UK’s economic landscape while paving the way for a Conservatives’ victory in the next general context along with reserving their posts afterward, hence their strategy attracted nationwide criticism while a majority of their party leaders refused to support their narrative in the parliament and in the public. Thus, days after flouting their proposal Truss pulled back her agenda and swiftly blamed her treasurer for introducing this legislation draft. According to critics, the Truss team’s intention to pay for tax cuts with billions more in extra borrowing slid the pound into a steep downfall and discredited the UK’s bond yields. The British Chief Economist termed it a massive distraction and refused to step down from the post of the Secretary of Treasury.
Interestingly, the newly crowned British Premier has grabbed the high slot owing to her idealistic agenda by promising the masses a fictional life with reduced cost of living, insurance payments, and massive cuts in taxes. But, the implementation of words into reality is the most difficult challenge and has serious repercussions along with public remorse and displeasure if fails. Normally, leaders are well versed in the tact of championing credit for the successes of their buddies and blaming aides for their own mistakes/failures.
Currently, Liz Truss strikes a serious scandal in an early phase of her premiership, while her opponents are demanding her resignation. The recent survey polls have indicated that 57 percent of Britains don’t want to see her at Downing Street but she insists on continuing her role as Johnson’s successor and is still hopeful of a positive outcome of her doctrine. In fact, turn, U-Turn, and flashy tacts have become a need of the leaders, who always care more about their rating instead of sincere service to the public.
