Andrew Marr says some Tory MPs are planning to oust Liz Truss
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Conservative Party rebels are reported to be considering sending in letters of no-confidence in Liz Truss’s leadership amid a collapse in the pound. Discussing the possibility of a Tory leadership contest only weeks into Liz Truss’ premiership, radio presenter Andrew Marr branded the moves as “mad as cheese.”
Mr Marr told LBC: “Well, Tory MPs are already considering putting in letters for another leadership challenge against the new prime minister, Liz Truss, only weeks into her premiership.
“That would mean, in effect, no government for yet another chunk of the Autumn.
“I think the technical term for this is ‘mad as cheese’ – British cheese, mind you.
“As we wait for the Bank some of us hear echoes of Black Wednesday, the day 30 years ago when a falling pound and panicky rises in interest rates destroyed the reputation of the then-Chancellor Norman Lamont.
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“That happened during party conference season too.
“I was with the Liberal Democrats in Harrogate and I vividly remember everyone suddenly deserting the conference hall as the scale of the crisis became apparent, and belting to the train station.
“Today, I’m with Labour in Liverpool and we are not there yet.
“But it’s a weird, unsettling day.
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“Labour looks and feels as if it is on the way back to power.
“One opinion poll gave it a 56-seat overall majority if there was an election held today.
“But what would be the condition of the economy it inherited?”
Economists and investors have said Truss’s government, in power for less than three weeks, was losing financial credibility in unveiling such a plan just a day after the Bank of England hiked interest rates to contain surging inflation.
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Sterling was last down 2.7 percent at $1.0560.
Marc Chandler, chief market strategist at Bannockburn Global Forex, called the currency’s record plunge “incredible”.
“The weekend press tarred and feathered sterling with assertions of its emerging-market status,” he said.
“I don’t buy that schadenfreude. Still, there is now bound to be speculation of an emergency BOE meeting and rate hike.”
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