MOSCOW (Pakistan Point News / Sputnik - 18th October, 2022) UK Defence Secretary Ben Wallace has said that he wants to remain in office until the end of his term and does not plan to replace UK Prime Minister Liz Truss despite calls for her resignation.
Earlier in October, media reported that a number of UK lawmakers were in favor of Wallace replacing Truss as prime minister.
"I want to be the secretary of state for defence until I finish. I love the job I do and we have more to do. I want the prime minister to be the prime minister and I want to do this (my) job," Wallace told The Times.
At the same time, the UK defense secretary slammed the Conservative Party for playing "political parlour games."
"The public wants stability and security and if the government fails to deliver that then they will send us into opposition," Wallace told the newspaper.
The Truss administration has been harshly criticized for its economic policy that prove unable to curb inflation and prices and sparked concerns that it might lead to an increase in the public debt. The so-called mini-budget was presented on September 23 by ex-Chancellor Kwasi Kwarteng, who resigned last Friday.
After the plan's announcement, the yield on five-year UK government bonds rose to its highest level since 2008, at 4.6%, which meant a decrease in demand for debt securities. Consequently, sterling fell to an all-time low of $1.054 per pound.
Last Friday, the UK government announced an increase in corporate income tax from 19% to 25%, which was proposed under the government of Boris Johnson and canceled later by Truss after her rise to power. The cancellation of the scheduled increase was one of the measures provided in the strategy to support the economy, as it was expected to raise investments.
