UPDATE: Kwasi Has Been Dumped
No one is wagering if it will be days or weeks, but no one thinks Liz Truss will last months. The Times of London reported that “Senior Conservatives are holding talks about replacing Liz Truss with a joint ticket of Rishi Sunak and Penny Mordaunt as part of a ‘coronation’ by MPs. Truss and Kwasi Kwarteng, the chancellor, are expected within days to make a humiliating climbdown over corporation tax in an effort to calm the markets and see off a mounting revolt. However, the uncertainty has fuelled fears that Truss will not be able to salvage her premiership, especially in the wake of an acrimonious meeting with the 1922 Committee of backbenchers. Party grandees are in discussions about replacing Truss with a ‘unity candidate’ just weeks after she became the fourth Conservative leader in six years.”
Every other paper has a version of “Can Liz Truss Survive?” And Politico Europe reported yesterday that “even the king is joining in! Truss, whose start in the top job has been an unmitigated disaster, held her first weekly audience with King Charles at Buckingham Palace on Wednesday and received an unusual greeting. Truss curtseyed and said: ‘Your Majesty’ while the two shook hands, to which the king said: ‘So you’ve come back again?’ Truss then said ‘It’s a great pleasure,’ to which the king replied: ‘Dear, oh dear. Anyway…’” Apparently someone told the kind what the party has in store for Truss.
Last night Sky News reported that “A former cabinet minister frustrated with the actions of their colleagues said: 'Rishi’s people are so bitter they aren’t thinking clearly. The red mist has descended. The party and public won’t forgive us if she isn’t given a chance. The party is I think irreparably damaged.’ But can a divisive leadership contest really be blamed for the disintegration of the Conservative party? This MP goes on to tell me they in fact believe the party’s woes began much earlier than that, arguing: ‘Boris is responsible for the entire mess. We were only ever a vehicle to make him king of the world. He never cared about the party.’ The amount of time Liz Truss has left as prime minister remains a bone of contention among her MPs, but one thing most MPs seem to see eye to eye on is the inevitable demise of her chancellor Kwasi Kwarteng. And with her right-hand man potentially on the way out and her position getting weaker by the day, will rebel MPs succeed in extracting enough teeth to make her bend to their will, or will the Tory civil war rumble on into the new year, damaging their reputation even further?”
Also last night, The Guardian reported that government sources told them that “In another serious blow to her authority as prime minister… a climbdown on the plan to scrap the rise in corporation tax was now ‘on the table’. After weeks of defending the proposal, Downing Street officials and ministers are now trying to balance the books after announcing a huge package of unfunded tax cuts. Kwasi Kwarteng, in Washington for a meeting of the International Monetary Fund, was forced to deny his position as chancellor was in peril, insisting he was ‘absolutely, 100%’ confident he would still be in post next month despite a growing Tory rebellion.” Suddenly, late yesterday, Kwarteng left the IMF conference early and flew back to London. And... this morning, the Black cabinet minister is the designated fall guy-- as if anyone didn't see that coming. A new Ipsos poll just out shows Truss with the lowest satisfaction with the public ever recorded-- just 16%-- 4 points higher than Kwarteng, who has the lowest Chancellor rating ever recorded.
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