With his proxy Jeremy Hunt as the real prime minister, Rishi Sunak has won - ednews.net

4 February, Saturday

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With his proxy Jeremy Hunt as the real prime minister, Rishi Sunak has won

It is hard to believe the scale of Liz Truss’s U-turn: she has reversed the result of the Conservative leadership election

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Jeremy Hunt is our new Prime Minister. Titanic Prime Minister held a press conference yesterday in which he read out the terms of his surrender. Taxes would rise when he promised they would go down, and public spending would “grow less rapidly than previously planned” when he said he had no plans to cut it.
 
new prime minister spoke to the nation this morning and explained what was happening in sentences that followed each other and conveyed meaning. This was such a radical change after the illusory experience of the last 39 days that it should have an immediate calming effect on the markets.
 
“There were mistakes in the mini-budget”, he said. Cutting the top tax rate was a mistake, and it was a mistake to “fly blind” the Office for Budget Responsibility (OBR) by failing to say that “the amount adds up”. He said: “The prime minister has recognized it. that’s why I’m here.”
 
To say that Hunt understood where Liz was not truss is just not my opinion. She actually told the Commons on Wednesday that “it would be wrong … to raise taxes, because that would bring in less revenue”. Two days later, in his mortgage video, he acknowledged that the imposition of corporation tax would “raise £18bn per year”.
 
It’s hard to believe the scale of his U-turn. Not only has it overturned the key points of Quasi Quarteng’s emergency budget – and much of it will soon be reversed, as the basic rate cut of income tax will be skipped – and it has not only reversed Quarteng’s appointment as chancellor. is reversed. He has reversed his entire premiership in less than six weeks; It has reversed the election result of the Conservative leadership.
 
Rishi Sunak has won. His representative is now the de facto prime minister, who will now implement the policies that Sunak would have adopted. Except that, as Rachel Reeves, Shadow Chancellor, says in one of her fatal snips from the other side, “the damage is done”. The state of public finances is worse than it would have been if Sunak had actually won. According to the Institute for Fiscal Studies, the cost of borrowing as a direct result of the loss of confidence in the markets due to Quarteng’s mini-budget will now be around £10bn higher a year.
 
Tory members, after voting for tax cuts, find themselves in a morality tale of gritty realism, with a government that may raise taxes more than Sunak plans.
 
Hunt is in charge. Truss would be allowed to play with his child’s block in a side room, but he would make the decision. It will decide within five years on the balance between tax increases and spending cuts needed to curb rising debt as part of national income.
 
She’s in extremely powerful position, but the period leading up to her Halloween budget is 16 days at her maximum power. After that, his leverage will weaken. He can imagine that, if he makes the medium-term financial plan a success, he will be in a good position to succeed Truss as a candidate for unity. Yet “success” is a mirage. There is a minimum condition for their Halloween statement, which is that the amount must be added and the OBR must be ticked in the margin. But, as Hunt said this morning, it requires a “very difficult decision” that, as he didn’t say, would be unpopular.
 
The immediate future of the country rests in the hands of someone who accepts the laws of arithmetic, and who can master the fundamentals of communication, perhaps one that will quickly end as the economic crisis deepens. Inflation is high; Wages are being squeezed, especially in the public sector; And the threat of rising mortgage costs is rising ominously.
 
Against such a background, the plot to remove the truss seems tasteless, yet it will continue as opinion polls are unlikely to turn around, and Tory lawmakers cannot be blamed for trying to act in their best interest. Is. Even if Truss is powerless, she will still be there, taking place and claims to take decisive action when the prime minister faces Keir Starmer on questions every week.
 
Yet we are back at the impasse in which the Conservative Party found itself earlier this year: resolved – even though many grassroots members have forgotten – that the prime minister had to go, but agreed Were unable to be who the replacement should be. , Eventually, Boris Johnson managed to push his MPs too far, his patience ran out and the party tried to replace him with someone else.
 
Logically, the truss has been such a disaster that the next change will be to reform. But you can see why Tory lawmakers might backtrack. The logical choice would be to have Sunak as prime minister, Penny Mordant as his deputy and Hunt as chancellor, without giving party members a say in the matter, but who would do it?
 
The situation after the collapse of its economic credibility in 1992 is reminiscent of that of John Major. It was clear that switching to Michael Portillo, who challenged Major, or choosing to remain silent when he challenged John Redwood, would make matters worse. , The only possibility to save some Tory seats from the 1997 holocaust would be to keep Michael Heseltine as prime minister. But no one could do that, and Major embraced him as deputy prime minister instead.
 
The truss is in a weak position, and so I think they will get rid of that. but not yet. For the time being, Tory lawmakers have a caretaker prime minister who can at least prevent the party’s prestige from eroding further.

 



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