![]() One senior Tory MP said Truss’s first weeks had been nothing short of a “disaster” and that, if the mood continued to deteriorate when parliament returns on Tuesday, her leadership would be in a “death spiral”. MPs want Kwarteng to publish the OBR figures within a fortnight rather than delay their release until he delivers a new medium-term fiscal plan on 23 November. “It will be in the order of £60bn to £70bn relative to its previous forecasts,” he said, adding that Kwarteng would face three options: further U-turns on his tax-cutting plans, deep cuts to public spending, or risking the ire of already rattled financial markets by substantially adding to the national debt. Sir Charlie Bean, an ex-member of the independent watchdog and a former Bank of England deputy governor, said on Friday that the document would probably show a large shortfall for the exchequer. Many will press for the early release of draft figures on the state of the public finances from the Office for Budget Responsibility (OBR), which were sent to the chancellor’s office on Friday. Kwarteng, who is scheduled to take Treasury questions on Tuesday, is holding a succession of meetings and calls with MPs worried about his and Truss’s plans for £43bn of unfunded tax cuts, which will disproportionately benefit high earners, and suggestions that benefits will be cut in real terms to try hold back borrowing. CANCEL FACER CREATOR SUBSCRIPTION HOW TOPhotograph: Martin Pope/Getty ImagesĪlready the parliamentary party has fractured into a series of factions under Truss, with even cabinet ministers such as the business secretary, Jacob Rees-Mogg, opposing her over real-terms benefits cuts and her decision to block a public information campaign on how to use less energy.įormer Truss loyalists, including one of her most vocal backers, Nadine Dorries, also appear to have abandoned her.
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