Senior conservative MPs are pressuring Liz Truss to reconsider tax cuts

• Some senior Conservative MPs have said that the government may need to reconsider
• its tax-cutting proposals in order to calm the financial markets and stabilize the economy.
• The warnings were issued before the prime minister’s scathing appearance before a gathering of Tory backbenchers.

Some senior Conservative MPs have said that the government may need to reconsider its tax-cutting proposals in order to calm the financial markets and stabilize the economy.

The warnings were issued before the prime minister’s scathing appearance before a gathering of Tory backbenchers.

A devoted minister said to the source: “We are in an extremely bad situation. There is no escape; perhaps Liz Truss will discover one, but I do not see it.”

The planned tax cuts announced last month have received a lot of support from Ms. Truss.

The mini-budget presented by the chancellor on September 23 contained £45 billion in tax cuts caused financial market instability by borrowing, which led the Bank of England to step in to save pension funds.

On October 31, Kwasi Kwarteng is expected to outline his financial plan for the package and debt repayment.

Ms. Truss is adamant that delaying a raise in company tax from 19% to 25% scheduled to take effect in April and other tax cuts will spur economic growth.

The prime minister also thinks that easing off on what she terms the highest level of taxation in 70 years will allow the populace to keep more of their earnings at a time of high prices around the world.

The government intends to accomplish this, among other things, by moving up the lowest rate of income tax by 1p, making it 19% for income between £12,571 and £50,270.

The mini-budget, according to Conservative Home editor Paul Goodman, is now “more likely than not” to be completely abandoned.

In an interview with Radio today’s program, Mr. Goodman expressed his doubts about the ability of Conservative ministers and lawmakers to “bring together a package of public spending cuts on the scale required” to balance the budget.

“And if they do, whether [the cuts] are going be acceptable to the markets,” he added. “Or whether the markets are now going to demand the withdrawal, in effect, of the mini-budget.”

Ms. Truss has refuted claims that she is preparing to cut back on government expenditure, saying that the government will instead concentrate on lowering debt “by making sure we spend public money properly.”

Mel Stride, a well-known supporter of Ms. Truss’s competitor for the leadership, Rishi Sunak, claimed the government would need to demonstrate a “clear change of approach” to win back the confidence of the financial markets.

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