Some Tory MPs submit no-confidence letters in Liz Truss after Pound crashes, sources claim
The pound fell by more than 4% over the weekend to $1.0327 — its lowest level against the dollar since decimalisation in 1971. It regained some ground to hit $1.075 just after 10am on Monday. Many experts have linked the slide to Chancellor Kwasi Kwarteng’s borrowing-fuelled spree of tax cuts.
An ex-minister in Boris Johnson’s government told Sky political news editor Agnes Chambre on Monday that some MPs have already sent letters of no confidence to 1922 Committee chairman Sir Graham Brady. For a confidence vote to be triggered, 54 letters would need to be sent.
A former Conservative minister has claimed the party are already looking to bring her down following the fallout from last Friday’s mini-budget amid fears she will “crash the economy”.
The individual, using an expletive, told Sky News the party are already looking to bring her down.
Yet Conservative MPs who spoke to The Northern Echo aren’t convinced by the claim.
Levelling Up secretary and MP for Middlesbrough South and East Cleveland, Simon Clarke said: “It’s high time that the UK got back in the business of economic growth and that’s exactly what Friday’s announcements will bring.
“The independent assessment of the National Institute of Economic and Social Research forecasts that the energy support guarantee, together with the tax cuts announced last week, will lead to positive GDP growth, shorten the recession and raising annual GDP growth to around 2 per cent over 2023-24.”
Meanwhile Jacob Young, Conservative MP for Redcar, threw his support behind the PM and Chancellor.
Mr Young said: “The Prime Minister and Chancellor have announced a bold new radical approach which will obviously have an immediate impact – but I’m more interested in how it pans out over the course of the coming weeks, rather than what an overnight spike may show.
“The government is trying to get the economy growing again after a once in a lifetime pandemic and I support them in trying to do that.”
And Darlington MP Peter Gibson added: “It is not helpful to anyone to pass comments on unattributed comments by others.
“Last Friday tax cuts were announced for millions of people across our country, together with a plan to unleash businesses as we seek to go for more growth and develop ourselves into a true aspiration nation.”
Meanwhile the senior Tory backbencher Simon Hoare tweeted: “This is not good news. V worrying indeed.”
Labour’s Shadow Chancellor Rachel Reeves has accused Mr Kwarteng of “fanning the flames” of the pound’s decline by indicating more tax cuts. She told the BBC: “The chancellor instead of doubling down on his position on Friday needs to now set out credible plans.
