International
UK PM Truss Appoints New Finance Min.
LONDON – With only 37 days in office, Britain’s newest Prime Minister Liz Truss continues to struggle to stabilize her country’s financial status and fulfill campaign promises to cut taxes.
LONDON – With only 37 days in office, Britain’s newest Prime Minister Liz Truss continues to struggle to stabilize her country’s financial status and fulfill campaign promises to cut taxes.
She fired her Finance Minister Kwasi Kwarteng, Friday, while appointing Jeremy Hunt, a former foreign and health secretary.
Parts of an economic package were scrapped in a bid to stay in power.
She’s also allowing a key business levy to rise to try and raise €18 billion.
Problems for Truss began immediately after winning the Conservative Party’s leadership last month, when she promised vast tax cuts and deregulation to turn around years of stagnant growth in the British economy.
But the Bank of England had to step in after borrowing and mortgage costs surged.
Despite her best efforts, Truss’s position is in jeopardy.
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