Great British Government Earthquake! On the 14th Prime Minister Truss announced that he would replace the boasted finance minister and former foreign minister Hunter returned to the center of power. Opposition lawmakers have sarcastically asserted that Truss can continue to “ditch the car and protect the coach” to replace cabinet members, but that cannot change the fact that his cabinet is a “sinking ship” .
In a press conference, Truss announced the second curve of fiscal policy, namely the increase in corporation tax from 19% to 25%. The previous hairpin was the government’s decision not to abolish the upper 45 percent threshold for the income tax rate.
Hunter, a former foreign minister, ran for Conservative Party leadership against Johnson, who later became prime minister, in 2019, but lost and stayed away from the center of decision.
Quarteng was finance minister for only 38 days. Three weeks ago, the boastful budget announcement caused turmoil in the financial markets, forcing the Bank of England to step in to stabilize. Recently, the media speculated that Truss could make a big turn in policy and adjust the budget. The pound exchange rate and hard-hit government bonds were strengthened by the news.
Hunter was Chancellor of the Exchequer under former Prime Minister Theresa May and Secretary of State for Health and Culture under Prime Minister Cameroon. He was banned from the back row of Congress after losing the leadership race in July 2019.
Hunter was a staunch supporter of Sunak during Truss’s run against former treasurer Sunak for leadership of the Conservative Party following Johnson’s resignation.
Truss “ignored previous suspicions” and named Hunter the “second-in-command” of the cabinet, which is seen as an intention to appease opposition in the party.
The only good news for Quarton is that he can take a quarter of his annual salary as a severance package. Although he has only been in office for 38 days, he has already crossed the three-week threshold for cabinet ministers to receive severance pay.
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