The Bank of England’s unusual intervention to support long-term government bonds has caused panic among Tory MPs. British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng have brought up a fresh and serious political crisis with their “mini-budget,” which is actually a massive tax stimulus for the benefit of the wealthiest citizens exclusively. The Conservative Party is still healing from the Partygate incident and the embarrassing resignation of its previous leader Boris Johnson, and this is just three weeks after entering government.
Political commentators are already discussing a personal “suicide operation” for Liz Truss in the face of this spectacular and disastrous start, as well as for the Tories. By undermining the economic standing of the British right, Ms. Truss is laying the groundwork for Labour, which, after 12 years in opposition, is dreaming of Downing Street. After the Bank of England acted in an unprecedented manner to support British long-term government bonds and prevent a “risk to the UK’s financial stability” on Wednesday, September 28, fear erupted among Tory MPs.
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