Letters of no confidence in the premiership of Liz Truss have begun stacking up amid panic over her government’s economic proposals, a former Conservative minister has claimed.
An ex-minister in Boris Johnson’s government told Sky News that the letters which could trigger a confidence vote have already been sent to 1922 Committee chair Sir Graham Brady.
The MP accused Truss and her Treasury ministers of “playing A-level economics with people’s lives”, adding: “The issue is government fiscal policy is opposite to Bank of England monetary policy – so they are fighting each other. What Kwasi gives, the Bank takes away ... You cannot have monetary policy and fiscal policy at loggerheads.”
It comes after the pound plunged by nearly five per cent to an all-time low as investors ran for the exits in the wake of the new government’s fiscal plan.
The currency tumbled to an unprecedented $1.0327, extending a 3.61 per cent dive from Friday when finance minister Kwasi Kwarteng unleashed historic tax cuts.
