Truss rocked by furious Tory rebellion over ‘extinction-level’ economy
Liz Truss: Pundit discusses ‘backlash’ from Tory MPs
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Liz Truss is facing a growing Tory rebellion over the economy, which one MP described as “extinction-level stuff”. Conservative MP Simon Hoare described it as “inept madness”. He said: “These are not circumstances beyond the control of Govt/Treasury.
“They were authored there. This inept madness cannot go on.”
Another Tory MP told the Guardian: “It’s extinction level stuff. This is like 2008 but worse.
“We’re messing with the very fundamental principle of providing a home for your family. That’s why it’s different: it’s real stuff”.
This comes after the Chancellor’s mini-budget caused chaos in the economy, with the pound falling to a record low against the dollar earlier this week.
On Monday morning, borrowing costs reached their highest levels since August 2008.
Today, the Bank of England was forced to intervene over a “material risk” to the UK economy.
It will start buying bonds in order to stabilise what it described as “dysfunctional markets”.
The BoE said: “Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability.”
It didn’t say how big the purchases would be but said they will be carried out on “whatever scale is necessary”.
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