Liz Truss won't give an explanation
British Prime Minister Liz Truss has refused a demand from the opposition to make a statement on her decision to sack finance minister Kwasi Kwarteng and make a near 180-degree U-turn on her plans to cut taxes.
Earlier, the head of the opposition Labour Party, Keir Starmer, was given the right to demand that the head of government make such a clarification in parliament, but instead Truss was addressed by Penelope Mary Mordaunt, leader of the House of Commons of the British parliament representing the ruling Conservative Party.
She apologised that the prime minister did not appear before lawmakers because she was "delayed by urgent discussions". This statement by Penelope Mary Mordaunt caused laughter in the House of Commons. She explained that behind Truss' decision to replace the finance minister was the intention to "restore financial stability in the face of volatile global conditions". Mordont also assured that Truss was "not hiding under the table", as one Labour MP suggested.
Also, The Daily Telegraph pointed out that the head of government has the right not to personally address parliament in response to an opposition request. However, the paper estimated that such a decision would raise fresh questions about the strength of her position as prime minister.
Earlier on Monday, Jeremy Hunt, who succeeded Kwarteng at the Treasury, announced that the government was scrapping most of the tax breaks announced by his predecessor and Truss at the end of September to ensure economic stability.
Due to the measures announced then, experts estimate that the budget would have lost £45 billion a year, which is comparable to 1.8% of GDP. This led to a collapse in the pound's exchange rate and an increase in government bond yields. According to Hunt, the government's rate correction will allow it to continue to raise £32bn a year for the budget.