UK News: Discussion about PM Truss will be held in the meeting of MPs, Finance Minister assured to build trust

Britain's new Finance Minister Jeremy Hunt has promised that he will be able to restore the country's economic credibility. They claim that this will be done by reforming the government's tax system and implementing its expansion plan. Hunt said the work would be led by Prime Minister Liz Truss. 

Tax burden will increase on citizens in future

Let us tell you that on Friday, Prime Minister Liz Truss sacked Kwasi Kwarteng from the post of Finance Minister and appointed Jeremy Hunt in his place. The very next day, Hunt termed the Truss's decision to lower the corporation tax as his fault, as well as increased the tax burden on citizens in the future. 

Discussion will be held in the meeting regarding PM Truss

Indeed, for the truss that won the Conservative Party election by promising tax cuts, it is to lose credibility. Now people will not be able to believe his words easily, which will be very difficult for the politically ruling Conservative Party. Senior party MPs will meet on Monday to consider the diminished credibility of the Prime Minister.

In this meeting, the truss can also be advised to make restrained statements after due consideration. Removal of truss can also be discussed in the meeting. The biggest proof of Britain's declining economic credibility under the Truss-led government is that investors began selling British government bonds on a large scale from 23 September. 

British economy eroded investor confidence

Investors lost confidence in the British economy because the then Finance Minister Kwasi Kwarteng who was appointed to the Treasury, had announced tax cuts without assessing the loss to the treasury. The government has also withdrawn the announcement of reduction in corporation tax. Hunt has said that he will keep an account of every penny of tax and a plan to increase the revenue will be implemented.