Liz Truss Brings In Rival Who Could Steady The Ship, Or Take Her Job

Under-pressure UK Prime Minister Liz Truss appointed Jeremy Hunt as her new Chancellor of the Exchequer, replacing Kwasi Kwarteng after just 38 days in office.

British Prime Minister under pressure Liz Truss appointed Jeremy Hunt as her new minister, replacing Kwasi Quarting after just 38 days in the job, in a last-ditch effort to reassure financial markets that she was on a new economic path.

The Prime Minister is betting that he is 55-

Elderly Jeremy Hunt by her side will help convince investors that her financial plans can work.

She also hopes that introducing a rival at the heart of her government will help placate several Tory MPs who were upset with her decision to surround herself with ideological loyalists after taking office last month.

They were also angered by the chaos it unleashed on the markets and the party.

So it will be a very difficult task.

Liz Truss, 47, expects Jeremy Hunt to put public finances on a sustainable path without sacrificing any of the controversial tax cut package that pushed the administration into crisis three weeks ago,

According to a person familiar with her thinking.

While Ms Truss has already abandoned plans to cut taxes on higher earners, and announced on Friday an increase in corporate fees to wipe out nearly half of her £45 billion ($50 billion) donations, she still needs to find £24 billion. other to get it. lower debt relative to GDP,

According to Bloomberg Economics

.

When he ran for president this summer, Hunt said he would commit to an increase in National Insurance — rather than reversing it as Truss has since done — and was an advocate of increased spending on health care and defense. He was eliminated from the competition in the first round of voting.

"I would like to see the income tax cut, but it has to be done in a sustainable way," he told The Telegraph in July.

"It cannot be electoral bribery and it depends on growth."

But whether Hunt was able to meet the economic challenge he faced,

Ms Truss has given a platform to a potentially dangerous rival being publicly talked about as a possible successor to the wounded prime minister. Even if you manage to hold on to the position for a while, you have already handed over quite a bit of power to the new chancellor,

Which lends his credibility to help support a smashed administration due to the financial damage inflicted on the past three weeks.

"You should see Liz Truss as president, and Jeremy Hunt as CEO - he'd be a very effective CEO," said Steve Breen, a Conservative MP and Hunt's ally, in an interview with BBC radio.

"But he clearly didn't hide the fact that he wanted the top position."

Mr Hunt was a prominent supporter of Mrs. Truss' opponent Rishi Sunak during this summer's leadership campaign, and he praised his "enormous ability" as an advisor.

Mr Hunt was a long-time government minister under David Cameron and Theresa May,

He ran the Ministry of Health for nearly six years before becoming Secretary of State for a year.

In 2019, he presented the final two candidates for party leader and prime minister, before he was badly beaten by Boris Johnson.

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