British lawmakers are taking steps to launch a vote of no confidence in Prime Minister Liz Truss over the government's new plan to support the national economy, Sky News broadcaster said on Monday, citing a British MP who wished to remain anonymous
MOSCOW (Pakistan Point News / Sputnik - 26th September, 2022) British lawmakers are taking steps to launch a vote of no confidence in Prime Minister Liz Truss over the government's new plan to support the national economy, Sky news broadcaster said on Monday, citing a British MP who wished to remain anonymous.
On Friday, UK Chancellor of the Exchequer Kwasi Kwarteng unveiled a new 60-billion-pound growth plan to support the country's economy amid rising costs of living. The plan includes canceling the planned rise in corporation tax, keeping it the lowest in the G20 at 19%. Since the announcement, the yield on Britain's five-year government bonds has risen to its highest level since 2008, at 4.6%, which means a lower demand for British debt securities, triggering a barrage of criticism against the Truss government.
"They are already putting letters in (in support of a no confidence vote) as think she will crash the economy. The tax cuts don't matter as much as all noise anyway - mainly reversing back to the status quo this year," the MP said.
Another member of parliament from the ruling Conservative Party told the broadcaster that he did not know anything about taking steps for a vote of no confidence, but did not rule out that something may happen given the events of the last few days.
Under Conservative Party rules, the Members of Parliament can write to Graham Brady, chairman of the Conservative Party's parliamentary group known as the 1922 Committee, asking for a vote of no confidence in the party leader. About 15% of the Tory lawmakers, or about 54 Members of Parliament, must vote to initiate the vote.
After the vote of no confidence is announced, a secret ballot is held by all Conservative party members. If the party leader wins the vote with more than 50 percent of the votes, they remain in office and receive one year of immunity. If they lose, they are forced to resign and are barred from participating in subsequent leadership elections.
