Prime Minister Truss in crisis: liberation without effect

Created: 05/10/2022, 08:05

By: Mike Schier

Britain's new Prime Minister Liz Truss.

© IMAGO/Martyn Wheatley/i Images / Klaus Haag

With Johnson's departure, the trouble in the British government is not over.

The new Prime Minister Truss is also causing a stir.

A comment by Mike Schier.

There is currently a lot of scolding about the federal government.

But this criticism is put into perspective a little when you look at other countries: In France, Emmanuel Macron has been badly hit since the parliamentary elections in mid-June, Italy and Sweden are regrouping - and in Great Britain the fresh Prime Minister slipped into the crisis in record time.

The hope that peace and order will come to Downing Street after Boris Johnson's departure is gone.

No peace in Great Britain with the arrival of the new Prime Minister Truss

Above all, trust in the financial policy competence of Liz Truss, whose start in office was only briefly lost sight of after the death of the Queen, has been lost.

Because her plan to lower the top tax rate for top earners in a historic economic crisis of all things irritated conservative citizens and markets alike.

The idea of ​​releasing economic forces with the reduction, which would have been part of London's tradition of liberal economics, went horribly wrong.

Suddenly even the Bank of England had to buy long-dated government bonds to dampen the uncertainty.

And because even some MPs rebelled, the spectacular about-face followed at the party conference at the weekend.

The trouble doesn't end there.

The Tories are on edge as the party lags miles behind Labor in polls.

The next trouble is with social security benefits, which are not keeping up with inflation.

Will Truss (under pressure from the Conservatives) remain firm this time?

Either way, criticism is pouring down from all sides.