Egypt's PM heads to Japan for TICAD 9 Africa development summit    National Council for Childhood reviews plan to combat child labour    Egypt's Supreme Organ Transplant Committee strengthens oversight, standards    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    African agribusiness market expected to reach $1tr by 2030    Price cuts underway across Egypt, says trade federation report    Zelenskyy seeks US security guarantees as Trump says he can 'end war now'    Israelis protest for hostage deal amid growing pressure on Netanyahu    Serbia's Vucic vows 'tough measures' against protesters after unrest    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UK PM vows to stay on despite mini-budget chaos
Published in Daily News Egypt on 23 - 10 - 2022

Liz Truss, prime minister of the United Kingdom (UK), on Wednesday defied calls to resign after almost all the measures in her government's economic blueprint had been scrapped following market turmoil.
Responding to a question from the opposition Labour leader Keir Starmer on why she should remain in power during the weekly Prime Minister's Questions (PMQs) in Parliament, Truss said: "I am a fighter and not a quitter."
The prime minister, who has been in office for only six weeks, is facing growing pressure to resign after the "mini-budget," the fiscal plan announced by her government last month, caused economic chaos and tanked the ruling Conservative Party's poll rating.
The mini-budget, which contained controversial debt-funded tax cuts, has been blamed for plunging the British pound to a 37-year low against the U.S. dollar, while pushing up the cost of government borrowing and mortgage rates.
One of the main architects of the fiscal plan, Kwasi Kwarteng, had to resign last week from his position as chancellor of the exchequer. His successor, Jeremy Hunt, tore up almost all the announced tax cuts and limited the government's cap on rising energy prices.
With her economic strategy reversed and Kwarteng gone, Truss's premiership is thought to be increasingly untenable. At least five Tory lawmakers have publicly demanded her resignation, and Truss has been seeking to pacify disgruntled voters by owning up to her mistakes.
In an interview with the BBC on Monday, the prime minister apologized for going "too far and too fast" with the economic policies and took responsibility for "the mistakes that have been made" in the first weeks of her premiership. However, she vowed to stay on and take the party to the next general election.
"I have acted in the national interest to make sure that we have economic stability," she said in Wednesday's PMQs, referring to the removal of Kwarteng and U-turns on the mini-budget measures.


Clic here to read the story from its source.