Liz Truss: Report says Tories are apparently discussing Britain's prime minister's replacement

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British politician Liz Truss

Photo: ANDY RAIN/EPA

Her poll numbers are disastrous and her incomprehensible budget planning has caused considerable confusion on the financial markets.

Even the Bank of England felt compelled to intervene.

It was certainly not a good start for Liz Truss as British Prime Minister.

Now there are increasing signs that support is also increasingly lacking in their own Conservative Party.

Leading Tories would discuss replacing the prime minister after just over a month in office, the London newspaper Times wrote on Friday night.

There are considerations to set up a joint candidate.

A pact between ex-Finance Minister Rishi Sunak and Tory politician Penny Mordaunt is also possible, the Times reported, citing senior party members.

Both had failed in the internal competition for party leadership because of Truss.

A "council of elders" made up of dozens of former cabinet members was ready to ask Truss to give up.

The prime minister has also been facing harsh criticism from within her own ranks for weeks.

The reason for this is Finance Minister Kwasi Kwarteng's budget, which was only financed with debt and which triggered severe market turbulence.

After protests from leading Tories, Truss and Kwarteng reversed the abolition of the top tax rate.

Now another turnaround is likely: As the "Guardian" wrote, Truss and Kwarteng do not want to withdraw the significant increase in corporate tax planned for April.

The Prime Minister had repeatedly stressed that the increase from 19 to 25 percent decided by her predecessor Boris Johnson would be canceled again.

The markets reacted positively to this, but Truss seems to be getting little positive feedback from voters.

In a poll by the polling institute Yougov for the Times, 50 percent were in favor of deposing Truss.

Only nine percent of those surveyed backed the head of government.

Bank of England has to take countermeasures for the second time

On Tuesday, the Bank of England adjusted its emergency purchases to support the market for the second day in a row.

After increasing the purchase volume on Monday, on Tuesday it expanded the group of papers to be bought.

In addition to long-term government bonds, the central bank also wants to purchase government bonds that are linked (indexed) to the inflation rate.

In addition, the sale of corporate bonds will be suspended for this week, said the monetary authorities in London.

The Bank of England's emergency intervention was made necessary by the significant rise in yields on long-dated British government bonds.

Buyers of UK government bonds are therefore asking significantly more for taking the risk of lending money to the UK government.

Experts cited the strong tax cuts that the Truss government was aiming for as the reason.

There were fears of a significant increase in national debt and an increase in the already very high level of inflation.

In addition, the pension funds threatened to get into trouble as a result of the development.