Sunday 2 October 2022 08:06 AM Truss warns Tories not to retreat to 'status quo' after markets meltdown trends now
Liz Truss sounded defiance today she kicks off Tory conference warning restive MPs not to retreat to the 'status quo' after the markets meltdown.
The PM is launching the gathering in Birmingham against the backdrop of the Pound's plunge and a surge in borrowing costs following Kwasi Kwarteng's tax-cutting emergency Budget.
The Chancellor has suggested that in 'hindsight' he would have done things differently, with the lack of independent OBR costings and a plan for managing debt spooking traders.
But Ms Truss insisted there is no prospect of sacking Mr Kwarteng, and urged Conservatives to get behind her leadership - saying 'the status quo isn't an option'.
As part of the reforms, the definition of a small business is set to be increased from 250 employees to 500, reducing red tape for tens of thousands of firms. The government also wants to copy a French model to boost childcare.
The grim political consequences of the market turmoil for the Tories was laid bare with an Opinium poll putting Labour on 46 per cent, 19 points ahead and enough for a landslide election win. Others have shown Keir Starmer's party with an advantage of up to 33 points.
Liz Truss is launching the gathering in Birmingham against the backdrop of the Pound's plunge and a surge in borrowing costs following Kwasi Kwarteng's tax-cutting emergency Budget
The grim political consequences of the market turmoil for the Tories was laid bare with an Opinium poll putting Labour on 46 per cent, 19 points ahead
It follows a tumultuous week which saw the pound slump to a record low against the dollar and the Bank of England step in to prevent the collapse of the pensions industry in the wake of Mr Kwarteng's £45 billion package of unfunded tax cuts.
With some Tory MPs speculating that she might not last the until the end of the year, Sir Keir Starmer sought to seize on the discontent in the Conservative ranks, urging rebels to work with Labour to defeat the Government's tax plans in the Commons.
But in an interview with The Sunday Telegraph, the Prime Minister said that although the Budget had been put together in a 'hurry' she was sticking to her guns, and tax cuts are essential to get the economy growing again.
'Change is always something that people might find worrying. But what I'm fundamentally saying is we do have to change, and the status quo
