On Wednesday, British Prime Minister Liz Truss will use her first speech to the Conservative Party faithful as leader to try to regain her declining influence by arguing that the upheaval her economic policies would cause will be worth it in the long term.
Less than 24 hours into her party’s annual conference, Truss was forced to make a U-turn on one of her tax cuts. Weakened by this setback, Truss will continue to insist that her plan is the best one to address the myriad issues facing Britain.
She now faces a battle over how to pay for her plans, which may potentially weaken her ‘radical’ agenda and lead to calls for an early election now that MPs have gained power after forcing a reversal of the top tax rate drop.
Truss will declare that she will create a ‘new Britain for the new era’ in front of parliamentarians and party members, appearing unfazed despite the fact that change always causes ‘disruption’ and her administration continues to feel that taking immediate action is the best course of action.
‘How we divide a little economic pie has dominated political discussion for far too long. Instead, we must expand the pie so that each person receives a larger piece ‘In Birmingham, a city in the centre of England, she will inform the gathering.
That is why I am committed to adopt a fresh strategy and free us from this cycle of high taxes and slow economic growth.’
After being named prime minister on September 6, the conference that was previously anticipated to be her moment of political triumph has evolved into a fight for her political survival as a result of the market turbulence her plan for unfunded tax cuts of 45 billion pounds ($51 billion) caused.
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