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Sky News-Treasury Source: Chancellor Not Resigning, No Reversal Of Policy

UK

Wires reporting comments from Sky News political ed. Beth Rigby stating that according to unnamed Treasury sources, Chancellor of the Exchequer Kwasi Kwarteng is not set to resign and there will be no reversal of gov't policy.

  • Pressure mounting on PM Liz Truss and Kwarteng, with Conservative MP Simon Hoare (a supporter of Truss' leadership challenger Rishi Sunak and seen as centrist in party) called the gov'ts policies 'inept madness'.
  • A number of Conservative MPs seen as v. soft on voting for the gov'ts economic plan.
  • Several prominent backbenchers (including Sunak) have stated or leaked that they will not be attending the Conservative party conference starting October 2. This will raise eyebrows, as attendance usually a given for all MPs barring significant commitments.
  • Opposition calling for parliament to be recalled to deal with fallout of market movements.
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