Truss loses trust of MPs over ‘deluded’ financial statement

Liz Truss shuts down calls for a general election

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Liz Truss is reportedly losing the trust of her MPs after a “volcanic night” for the Conservative Party. The Prime Minister held a meeting to try and win party members back over after her financial statement saw the pound plummet and the cost of Government borrowing soared.

However, the meeting failed to assuage concerns of the 1922 Committee after a tumultuous month for the Government.

A senior Tory MP said after the meeting that Ms Truss “should never be trusted with a financial statement ever again”.

Political editor Adam Payne tweeted that it had been a “volcanic night” for the Tories.

One senior Tory MP told PoliticsHome: “After tonight most Tory MPs accept that our current leader, given the decisions she took with the Fiscal Statement, can never provide the reassurance needed to arrest the loss of market confidence.

“She should never be trusted with a financial statement ever again. It is a bit like asking the gas engineer who has just blown up your house to come back and have another go.”

Conservative MPs in attendance were said to be “utterly shocked” by her performance, according to Government sources.

One source said: “From delusion to devastation — writ large on her face.”

The PM has detailed her plans to fund huge tax cuts through borrowing billions of pounds, which led the value of the pound to drop dramatically to its lowest ever level against the dollar.

The Bank of England has since intervened twice to try and stabilise the markets.

At Wednesday’s meeting Ms Truss said the decision to freeze energy bills would protect households of staggering bills of up to £6,000.

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She claimed that Sir Keir Starmer and the Labour party had no plans to support households “beyond the next six months”.

Yet the PM faced a series of questions on skyrocketing interest rates and the effect on mortgages.

Chair the education select committee Robert Halfon accused her of “trashing workers’ conservatism” and “everything the party has stood for over the last decade”.

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