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LONDON, Sept 27 (PTI) In the Conservative Party leadership race that ended earlier this month, supporters of Rishi Sunak increasingly pointed out that the Indian-born former prime minister had warned against Downing. The new president of 10th Street caused most of the economic turmoil.
While Sunak himself has been noticeably silent, his supporters in the ruling party and the more neutral media sector have been highlighting how the so-called “Trussonomics” of tax cuts and increased borrowing have spooked global markets and sent GBP/USD falling Dollar.
“Rishi Sunak come back, everything is forgiven,” wrote an editorial in The Daily Telegraph on Tuesday.
“During the Conservative leadership race, the former prime minister warned that Leeds Strath’s plan to borrow money to fund tax cuts was ‘dangerous’ and risked ‘making everything worse’. And, lo and behold, his prophecy What was dismissed as doomsday at the time has now come true,” it said.
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Some of Sunak’s parliamentary colleagues have also pinpointed the prophetic stance of Britain’s first Indian-born contender for the top job at 10 Downing Street.
Huw Merriman, a Conservative MP who chairs the Commons transport select committee and a key ally of Sunak in his eight-week leadership campaign, responded on Twitter to The Times showing the Opposition The new YouGov poll puts Labour 17 points ahead of the ruling party by its biggest lead in more than a decade.
“Those of us who support Rishi Sunak have lost the race, but this poll shows that the victors are losing voters of the policies we have warned about,” Merriman said.
“In the interest of our country, for the livelihood of everyone in our country, I still want to be proven wrong,” he said.
Speaking to the BBC during his campaign last month, Sunak reiterated his policy outline for a modest approach to tax cuts and targeted financial help for the most vulnerable to tackle life cost crisis.
“Lizzy’s plan is to promise the earth to everyone. I don’t think you can eat your cake. I don’t think life is that easy, and I think her plan could make everything worse,” he said at the time.
Speaking of some of those warnings, former Prime Minister Theresa May’s Downing Street chief of staff, Lord Gavin Barwell, said this week: “I think there’s a lot of anger at people who are cheerleaders on government policy because a lot of people, especially Rishi Sunak, he warned exactly what the consequences would be.”
The reaction was sparked on Friday when Truss’ new chancellor, Kwasi Kwarteng, tabled a much-hyped mini-budget in the House of Commons.
Borrowing costs have since soared as financial markets react poorly to the biggest tax cut announced by the government in 50 years.
The Bank of England said on Monday it would “not hesitate” to raise already high interest rates further after the pound hit a record low.
Investor concerns about the UK’s ability to meet its growing public debt are believed to have contributed to the fall in the value of the pound and the rise in the cost of borrowing for the UK government.
The fall in sterling has also made dollar-denominated imports and goods such as oil more expensive at a time when UK inflation is already at its highest level in 40 years, and risks fuelling price increases.
(This is an unedited and auto-generated story from the Syndicated News feed, the body of the content may not have been modified or edited by LatestLY staff)
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