The U.K.’s new government has been forced into a humiliating U-Turn, reversing the huge package of tax cuts it recently announced to benefit the wealthiest 1% of income earners.
had Labour up by a stunning 33 percent, one of the largest leads ever posted in the history of polling in the U.K. Barely one in five voters polled said they would be voting Conservative in the next election.
The imploding markets pulled back the curtain on Truss and her team. If the latest polls are any indication, the British public was absolutely repelled by what they saw. It’s hard to imagine a more inept opening act than that put on by Truss and her team of right-wing zealots over the past few weeks. Truss was chosen not by the electorate at large, but by a vote held among the 160,000 members of the British Conservative Party. She is the third leader of the Conservative Party in as many years and, having not led her political party to victory in a general election, her personal mandate is minimal at best.
In ascending to the premiership, Truss has shown a penchant for modeling herself on the Iron Lady, Margaret Thatcher. Instead, now that she is in power, she is looking far more like the Wizard of Oz. She talks the big talk, but at the end of the day, it’s all smoke and mirrors. Last week the imploding markets pulled back the curtain on Truss and her team. If the latest polls are any indication, the British public was absolutely repelled by what they saw.
It’s unlikely that Truss and Kwarteng’s humiliating policy retreat today, backpedaling on a tax cut that only a few days ago they had said was vital to the future growth of the U.K. economy, will appease the infuriated British electorate. If anything, it will only make Truss and Kwarteng look more inept and their stewardship of the U.K.’s economy look even more haphazard.
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