Liz Truss to face tense Cabinet TODAY after apologising over mini-Budget chaos as Jeremy Hunt warns of spending cuts
EMBATTLED Liz Truss will face a tense cabinet meeting this morning as she fights to save her political career after apologising for the disastrous mini budget.
Last night the PM told the BBC she is sorry for the fallout from the tax slashing bonfire.
It saw mortgage rates soar and the value of the pound plummet against the dollar as markets worried about how £45bn of cuts would be paid for.
The PM admitted her time in No10 “hasn’t been perfect”, but she’s moved quickly to fix major mistakes.
She said: “I do think it is the mark of an honest politician who does say ‘yes, I’ve made a mistake. I’ve addressed that mistake. And now we need to deliver for people’.
“It would have been completely irresponsible for me not to act in the national interest in the way I have.”
Yesterday, new Chancellor Jeremy Hunt tore the mini budget to shreds as he announced in a statement that all of its tax slashing policies would be binned, except for cuts to stamp duty and the national insurance hike.
Mr Hunt vowed to do whatever it takes to win back the trust of the City.
He said “eye-wateringly difficult” decisions will have to be made, including CUTS to public spending.
Shrinking the budget of the NHS, police and schools hasn’t been ruled out.
The Chancellor hasn’t ruled out backtracking on a government pledge to hike defence spending to three per cent of GDP by 2030.
This morning Armed Forces Minister James Heappey vowed he would quit if the government changes its mind.
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Today the PM will tell her Cabinet she has what it takes to turn things around, and to lead her party and country.
Ministers are sticking by her publicly for now. But in private some are scathing of her performance.
Meanwhile, Tory MPs are divided on whether Ms Truss should stay or go.
In a chaotic day in Westminster rebels plotted about ways to oust the humiliated PM.
Some want to replace her with ex-Chancellor Rishi Sunak, while others would like to see former Tory leadership contender Penny Mordaunt at the helm.
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Today Ms Truss’ mission is to stop rebels in their tracks by convincing them that another change in leader would prove a disaster.
A bombshell poll for The Sun this morning revealed Mr Sunak is the public’s favourite to take over from the PM – followed by Boris Johnson.
But in a doomsday warning for the Tories, stark new polling showed voters would prefer a “coalition of chaos” including Labour, the SNP and the Lib Dems over Ms Truss.