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Liz Truss resignation honours revealed as Kwasi Kwarteng and cabinet miss out | Politics News

Kwasi Kwarteng, Therese Coffey and the rest of Liz Truss’s cabinet have missed out on getting gongs or places in the House of Lords as part of her resignation honours list.

There has been sizeable speculation about who the UK’s shortest-serving prime minister would choose to elevate to the upper house or make a knight or dame.

But none of her top ministerial team, nor those who were credited with her tenure’s disastrous mini-budget, are included on the list agreed with Downing Street.

What 2024 could have in store for UK politics

But she has conferred honours on eight people – including political allies and former advisers – and elevated three people to the House of Lords.

These include Matthew Elliot, the political strategist and former chief executive of Vote Leave being added to the upper house, as well as former Vote Leave chair Jon Moynihan and Ms Truss’s former deputy chief of staff in Number 10 Ruth Porter.

Tory MP Jackie Doyle-Price has been made a dame, while fellow Conservative Alec Shelbrooke has been made a knight.

David Hills, the Conservative association chairman for Ms Truss’s North West Norfolk constituency, has been handed an MBE. Back in 2009 he was rumoured to be heading up the so-called “turnip Taliban” which opposed Ms Truss being selected as a Commons candidate due to her having an affair with a married Tory MP, although he later supported her.

It might take a few days to find out how ‘modest’ list was whittled down

Rob Powell Political reporter

Rob Powell

Political correspondent

@robpowellnews

The biggest surprise in Liz Truss’s resignation honours list may well be who is not on it.

There are no names from the former prime minister’s cabinet.

No Kwasi Kwarteng. No Therese Coffey. No Ranil Jayawardena.

Other free-market economists – and inspirations for Liz Truss’s platform for government – are also not there.

All in all, allies of the former prime minister may have a point when they say this is a “relatively modest list” focussed on long-standing colleagues.

That said, there have been reports that one person fell short of the vetting process and others may have declined the gongs.

As ever, it may take a few days before the full picture emerges of how the initial submission was whittled down.

There is a potential row brewing over the timing of the publication of this honours list though.

Number 10 has decided to release it at the same time as the regular New Year gongs and while MPs are out of Westminster on their Christmas break.

Some may smell an attempt by the government to bury the announcement to try and avoid too much public association between Rishi Sunak and his predecessor’s chaotic time in office.

Friends of Liz Truss are somewhat perplexed as to why it has taken until Christmas to put the names out, given they were submitted in March.

Not for the first time this year, the honours of a prime minister from the past could have a political impact on the present.

Ms Truss said of her list: “I am delighted these champions for the conservative causes of freedom, limited government and a proud and sovereign Britain have been suitably honoured.”

Labour’s shadow Cabinet Office minister, Jonathan Ashworth, said: “This list is proof positive of Rishi Sunak’s weakness and a slap in the face to working people who are paying the price of the Tories crashing the economy.

“Honours should be for those committed to public service, not rewards for Tory failure. Rather than apologise for crashing the economy and driving up mortgages rates, costing families thousands, Rishi Sunak has nodded through these tarnished gongs because he is too weak to lead a Tory party completely out of touch with working people.”

The Liberal Democrat’s deputy leader Daisy Cooper said: “This shameless move to reward Liz Truss’s car crash cronies is matched only by Sunak’s weakness in failing to block it.”

A Downing Street source said it was “long-standing convention” for former prime ministers to issue honours lists – and it is also convention that “the incumbent prime minister does not block the political peerage proposals of others”.

Read more:
Boris Johnson’s resignation honours list in full
What is the honours system and what are the perks?

Who will be added to the House of Lords?

• Matthew Elliott

PRESS ASSOCIATION Photo. Matthew Elliott. Picture date: Sunday June 19, 2016. Photo credit should read: Dominic Lipinski/PA Wire
Image:
Matthew Elliott

Matthew Elliott is most well known as the former chief executive of Vote Leave, the pro-Brexit campaign group.
He also founded the low tax thinktank the Taxpayers’ Alliance.

According to his LinkedIn page, Mr Elliot is currently a non-executive director at the Latis group housing developer, as well as being a senior political adviser at Shore Capita, a senior adviser at the communications consultancy MHP Group, and president of The Jobs Foundation.

• Jon Moynihan

Jon Moynihan speaking during the 2016 British Chambers of Commerce's Annual Conference at the QE2 Conference Centre in London.
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Jon Moynihan


Jon Moynihan is a Conservative Party donor who has given hundreds of thousands of pounds to the Tories since 2001, according to the Electoral Commission.

Since 2019, he has given £53,000 to Ms Truss alone.

He has been described as a “businessman and venture capitalist”, having worked as chief executive of the PA Consulting Group.

Mr Moynihan chaired the Vote Leave finance committee, and was also appointed to the board of trustees of the Institute of Economic Affairs.

• Ruth Porter

Ruth Porter, who worked for Liz Truss in Downing Street
Image:
Ruth Porter

Ruth Porter was a key aide of Ms Truss.

Ms Porter served as deputy chief of staff in Number 10 during the ill-fated stretch in Downing Street.

She has since returned to the job she held before as a managing director at strategic advisory company FGS Global.

She had previously worked as an adviser to Ms Truss when she was environment secretary, and worked on her leadership campaign.

Who has been made a dame or a knight?

• Shirley Conran

Author Shirley Conran, the former wife of Terence Conran and President of the WorkLife Balance Trust, after receiving an OBE for services to equal opportunities from the Prince of Wales.
Image:
Shirley Conran in 2004

Shirley Conran, an author and former journalist, has been made a dame for her work on maths education.

She also donated £5,000 to Ms Truss since 2019, according to Sky News’ Westminster Accounts.

As well as her work in media, Ms Conran founded the Maths Anxiety Trust, which aims to help people who struggle with numbers due to anxiety over the subject.

She has written a free eBook – Money Stuff – which aims to teach girls maths without a teacher.

• Jackie Doyle-Price

Conservative MP Jackie Doyle-Price. Pic: House of Commons
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Jackie Doyle-Price. Pic: House of Commons

Jackie Doyle-Price has been the MP for Thurrock, Essex, since 2010.

She was a member of governments under David Cameron and Theresa May, and served as construction minister in the Truss administration.

It was for this work that she was made a dame.

• Alec Shelbrooke

Defence Procurement minister Alec Shelbrooke during a visit to Faslane naval base in Scotland. Picture date: Wednesday October 12, 2022.
Image:
Alec Shelbrooke


Alec Shelbrooke has been the Conservative MP for Elmet and Rothwell in West Yorkshire since 2010. Both he and Ms Doyle-Price joined parliament at the same time as Ms Truss.

He has been knighted for “public and political service as minister of state for defence procurement”, the role he held for less than two months under the Truss administration.

Who has been made a Commander of the Order of the British Empire (CBE)

• Sophie Jarvis

Sophie Jarvis was an adviser to Ms Truss during her time as trade secretary and foreign secretary, and also worked in Downing Street.

• Shabbir Merali

Shabbir Merali was an economic adviser to Ms Truss during her time as a Treasury minister, as well as in her trade and foreign roles and in Downing Street.

Who was made an Officer of the Order of the British Empire (OBE)

• Robert Butler

Robert Butler is the MP for Aylesbury in Buckinghamshire, and worked as Ms Truss’s parliamentary private secretary in the Foreign Office.

• Suzanne Webb

Suzanne Webb is the MP for Stourbridge in the West Midlands, and worked as parliamentary private secretary for Ms Truss in the Department for International Trade and in Downing Street.

Who has been made a Member of the Order of the British Empire (MBE)

• David Hills

David Hills is the Conservative association chairman for Ms Truss’s South West Norfolk constituency.

Who missed out?

Mr Kwarteng had to defend his U-turn during his speech
Image:
Kwasi Kwarteng

• Kwasi Kwarteng

Kwasi Kwarteng was chancellor under Liz Truss, and delivered the ill-fated mini-budget which ultimately sunk the pair’s time in Downing Street.

Mr Kwarteng had to U-turn on the pair’s pledge to axe the top band of income tax in the middle of the Conservative Party conference. He later found out he had been sacked as chancellor from a tweet from The Times.

He had been a long-term ally of Ms Truss, having co-authored the Britannia Unchained pamphlet in 2012.

• Mark Littlewood

Mark Littlewood is the director general of the Institute of Economic Affairs, a free market thinktank.

He was a proponent of “Trussonomics”, and backed the former prime minister’s mini-budget which caused economic upheaval and precipitated the collapse of Ms Truss’s administration.

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September: Was Liz Truss to blame?

• Jason Stein

Jason Stein was an adviser to Liz Truss during her time in the House of Commons, and also helped run her campaign to be leader of the Conservative Party.

Mr Stein was suspended during his time working in Downing Street following reports he negatively briefed against former cabinet ministers.

• Ranil Jayawardena

Ranil Jayawardena was a vocal supporter of Liz Truss in the race to replace Boris Johnson, and served as her environment secretary once she became prime minister.

He had previously been a junior minister in the Department for International Trade, and deputy chair of the Conservative Party.

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• Therese Coffey

Therese Coffey was one of Liz Truss’s closest political allies, and even chaired her campaign as she ran to be party leader.

And once in power, Ms Truss made Ms Coffey her deputy prime minister, as well as the secretary of state for health and social care.

• Mark Fullbrook

Mark Fullbrook was Liz Truss’s chief of staff during her time in Downing Street,

Mr Fullbrook was at the centre of controversy during his time in Number 10 after it was revealed he was being paid through a lobbying firm and not as a government employee.

Westminster Accounts: Liz Truss paid £15,770 an hour for second jobs – as outside earnings of MPs revealed | Politics News

MPs with second jobs have an average wage of £233 per hour, Sky News can reveal.

The typical rate for MPs is 17 times the national average – and over 22 higher than the minimum hourly wage.

The highest hourly rate for a current MP goes to Liz Truss, who got £15,770 per hour.

Westminster Accounts

Ms Truss’s most lucrative work since leaving Number 10 has been a speech in Taiwan. She was paid at a rate of £20,000 per hour – nearly 1,500 times the UK average hourly wage – for her insights into global diplomacy.

Even higher than Ms Truss is Boris Johnson, who resigned as an MP last month. His hourly rate comes in at £21,822, but having left parliament, he is free to work without having to publicly record his earnings.

The leaderboard of the MPs with the 20 highest hourly rates in this parliament reveals a clear pattern: 18 have government experience, suggesting a ministerial background is valued by some employers.

Use this interactive Westminster Accounts table to see how many hours each MP has worked in second jobs, and the equivalent hourly rate they have received:

Westminster Accounts – search for your MP with our interactive tool

The Westminster Accounts project – produced in association with media company Tortoise – has analysed the data MPs provide about how much time they have worked on second jobs in this parliament.

The MP who records the highest hours outside their work as a backbench MP is Douglas Ross, the leader of the Conservatives in the Scottish Parliament.

He recorded working 3,869 hours on top of his role as an MP: 3,739 hours as an MSP, 89 hours for the Scottish Football Association as a referee, and the rest refereeing in other roles.

Mr Ross is standing down as an MP at the next election to concentrate on his work in Scotland, but political double-jobbing of this nature is not routinely considered controversial in Westminster.

Read More:
Powerful group of Tory MPs scrutinised by expenses watchdog
Labour calls for ‘urgent investigation’ into Tory donor
Westminster Accounts – the story so far

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Tory MPs probed by expenses watchdog

Dr Dan Poulter is the MP who spends the most amount of time in a non-political job. The Conservative and NHS hospital doctor works in mental health services. He has registered 3,508 hours since the 2019 election.

The MP registering the most hours in the private sector is barrister Sir Geoffrey Cox, who put the tally at 2,565.

The highest Labour name in this list is the shadow foreign secretary David Lammy, who has worked nearly 1,000 hours for 45 different organisations. He has worked almost 700 hours in second jobs since the Labour leader Sir Keir Starmer announced a policy to ban them in the aftermath of the Owen Paterson scandal.

Westminster Accounts at a glance: use the table below to see how much money has gone to parties, MPs and APPGs in the form of donations and earnings since the 2019 election – and the individuals or organisations behind the funding.

Jill Rutter, the former top official now with the Institute for Government, questioned whether MPs were required to record their outside hours in the correct way, given that MPs often register four or five hours when giving an overseas speech would take them out of the country for several days.

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She said: “I think we can probably rely on [this system] to answer the question ‘How long does a particular task take?’ – I don’t think we can rely on it to answer the question about ‘How unavailable does that make you?’

“If you give a speech in London, you put down an hour-and-a-half. That’s probably pretty fair.

“But the same speech given in Chicago or Calcutta, it’s an hour-and-a-half of the speech, but actually you were away from the country quite a long time. So if we want to say how available are you as an MP, the system is really not very good for that.”

Liz Truss to visit Taiwan in ‘solidarity’ over increasing threats from China | Politics News

Liz Truss will visit Taiwan next week to give a speech about democracy in the face of “increasingly aggressive behaviour from China”.

The former prime minister will deliver a keynote speech to a thinktank to show “solidarity” with Taiwan as it faces an increasing threat from China, her spokesman said.

She is also expected to meet senior Taiwanese government officials during the trip.

Ms Truss, who was also foreign secretary under Boris Johnson, has been giving speeches around the world with a focus on standing up to China since she resigned as prime minister last October after just 44 days.

Ahead of her visit next week, she said: “Taiwan is a beacon of freedom and democracy.

“I’m looking forward to showing solidarity with the Taiwanese people in person in the face of increasingly aggressive behaviour and rhetoric from the regime in Beijing.”

In recent months, Ms Truss has given a speech about China to Japan’s parliament and to the Heritage Foundation in Washington DC, where she called on Western democracies to toughen their stance on China.

Two days before her Taiwan visit she will speak at the Copenhagen Democracy Summit where she will talk about an “economic NATO” where like-minded nations agree to make trade and investment decisions to support freedom.

Ms Truss’ short-lived premiership contributed to bringing relations between the UK and China to a low point but her successor Rishi Sunak has been trying to engage with China where possible.

In this photo released by Xinhua News Agency, a J-15 Chinese fighter jet prepares to take off from the Shandong aircraft carrier during the combat readiness patrol and military exercises around the Taiwan Island by the Eastern Theater Command of the Chinese People's Liberation Army (PLA) on Sunday, April 9, 2023. China's military declared Monday it is "ready to fight" after completing three days of large-scale combat exercises around Taiwan that simulated sealing off the island in response to the Taiwanese president's trip to the U.S. last week. (An Ni/Xinhua via AP)
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China held combat readiness exercises in April around Taiwan. Pic: AP

Foreign Secretary James Cleverly said he “made plain” the UK’s views on issues including Taiwan during a meeting with Chinese Vice President Han Zheng on Friday.

Some MPs, including Tories, condemned Mr Han’s invitation to attend the King’s coronation over the weekend and Mr Cleverly’s planned visit to China this year.

Read more:
Truss contests ‘£12,000’ bill relating to use of grace-and-favour home

West must ‘get real’ about China threat – Truss

Nancy Pelosi and Vice President Tsai Chi-chang in Taipei
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Nancy Pelosi and Taiwan’s Vice President Tsai Chi-chang in Taipei last year

Visits by Western politicians to Taiwan have become more fractious as China ramps up its rhetoric and displays of military power against Taiwan.

Last year, then US House speaker Nancy Pelosi’s visit to the island was condemned by Beijing, who began military exercises around Taiwan shortly after she landed.

A long-time critic of Beijing’s regime, Ms Pelosi met a former student leader of the Tiananmen Square protest, a dissident Hong Kong bookseller and a Taiwanese activist who was imprisoned in China.

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‘They’re not keeping us from going to Taiwan’

Beijing called the visit a “provocation” by the US and warned President Joe Biden to abide by the One China principle, adding “those who play with fire will perish by it”.

The Foreign Office is “aware and abreast” of Ms Truss’ Taiwan visit, her team said, but the department is not in charge of approving overseas visits by MPs.

Liz Truss contests ‘£12,000’ bill relating to her use of grace-and-favour home | Politics News

Liz Truss is disputing a bill she has been asked to pay relating to a country house which she had use of as foreign secretary.

The bill is reportedly for £12,000 but the former prime minister’s spokesman claims the actual figure is lower.

The invoice, first reported in The Mail on Sunday, covers the period in August 2022 when she used Chevening House in Kent, during the time she was running to be Conservative leader before being elected to No 10 the following month.

Ms Truss claims most of the invoice relates to using the grace-and-favour home for government business and she maintains she should not be liable for the majority of it.

The then foreign secretary Liz Truss met three Baltic foreign ministers at Chevening House in Kent
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The then foreign secretary met three Baltic foreign ministers at Chevening House in October 2021

The official business included meetings with cabinet secretary Simon Case when they were planning a transition to a Truss government.

If she did pay, there would have been a breach of civil service protocol because civil servants are not allowed to accept hospitality from a political candidate, her team argues.

Ms Truss has asked for this part to be billed separately.

She will pay for personal costs relating to guests. The bill reportedly includes missing items including bathrobes, which she is happy to replace.

A spokesman for Ms Truss said: “Liz always paid for the costs of her personal guests at Chevening.

“The latest invoice contains a mixture of costs for her personally and costs for official government business with civil servants including Simon Case and senior officials from other departments who met at Chevening during the transition preparations.

“The latter constitutes the majority of the bill. It would be inappropriate for her to pay the costs for officials as it would have breached the civil service code for civil servants to accept hospitality during the leadership campaign.

“She has therefore asked for this to be billed separately.”

Chevening House, which has 115 rooms and is Grade 1 listed, was left to the nation by the 7th Earl Stanhope after he died in 1967.

Since then, the prime minister of the day has decided who uses it, with that person usually being the foreign secretary.

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Liz Truss’s rise and fall

Ms Truss was the shortest-serving prime minister in UK history, resigning last October, just 44 days after taking over from Boris Johnson.

It came after her tax-cutting mini-budget spooked financial markets.

She has said she was never given a “realistic chance” to implement her radical tax-cutting agenda and blamed what she called a “powerful economic establishment” for removing her from Downing Street.

Grant Shapps says Liz Truss had right priorities but failed as she did not deal with ‘big structural issues’ | Politics News

Grant Shapps has said Liz Truss had the right priorities but failed as she did not try to deal with the “big structural issues” first.

The business secretary said he agreed the UK should have a low-tax economy, as the short-lived prime minister advocated, but inflation and debt needed to be dealt with first.

He was speaking the morning after Ms Truss released a 4,000-word essay in the Telegraph on Saturday night about what she had wanted to do as PM and why she thought it did not work.

Mr Shapps told Sky News’ Sophy Ridge on Sunday programme: “I noted that she said that they hadn’t prepared the ground for these big tax changes.

“And I think the truth is, and we know this, what you’ve got to do first is deal with the big sort of structural issues.

“Deal with inflation first, deal with the debt so you’re on a downward trajectory.

“And then you look towards tax cuts.”

“Everyone wants a lower tax economy,” he added.

Despite previously calling Ms Truss “tin-eared”, the business secretary refused to directly criticise Ms Truss’ leadership, which she called time on after just 44 days following the disastrous mini-budget in September.

He added that, as an MP and former Tory leader, she had the right to put her argument across in the article.

But he backed current PM Rishi Sunak in a backhanded swipe at his predecessor, saying the prime minister is tackling high inflation to ease pressure on the economy before growth can happen.

Candidates to replace Liz Truss as Tory leader will need at least 100 nominations | Politics News

Candidates to replace Liz Truss as Tory leader will need at least 100 nominations from Conservative MPs, 1922 Committee chair Sir Graham Brady has said.

This will rule out a number of candidates from running, and means the maximum number of people able to stand is three.

During the last leadership election, Rishi Sunak won 137 nominations, Ms Truss 113 and Penny Mordaunt 105.

Liz Truss resigns: Live updates

“We fixed a high threshold but a threshold that should be achievable by any serious candidate who has a prospect of going through,” Sir Graham said.

Nominations are open from now and will close at 2pm on Monday – with a new leader to be chosen by the end of the week.

The final two candidates will take part in a hustings event organised with news broadcasters, before an online vote for members to choose who they want to lead the party.

However, Sky’s political correspondent Ali Fortescue said “it could end up being that it doesn’t go to the membership”.

She points out that some MPs don’t want the vote to go to the party membership, given that Ms Truss was their last pick.

“They know this is a last chance – they won’t be able to go through another prime minister as quickly as this,” she said.

One potential option is that MPs coalesce around one candidate, meaning the contest will be over on Monday if only one person is able to receive enough nominations.

How the Tory Party changes its leader
Image:
How the Tory Party changes its leader

Sir Graham has already said that the new prime minister will be chosen by Friday 28 October, with Ms Truss to stay on as PM until then.

The last leadership election – triggered by the resignation of Boris Johnson in July – lasted six weeks and involved several rounds of MPs voting and hustings.

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Ms Truss officially took over from her predecessor on 6 September, with members favouring her tax-slashing plan for growth over rival Rishi Sunak’s more conservative fiscal policies.

But in an extraordinary turn of events, her short-lived premiership lasted just six weeks.

Ms Truss announced her resignation earlier on Thursday after she met Sir Graham and agreed for a leadership election “to be completed within the next week”.

It means her replacement will be in place before the crucial fiscal statement on 31 October.

After 44 days in the top job, Ms Truss will be the shortest-serving prime minister in modern British political history.

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Liz Truss’s rise and fall

Her downfall was set in motion by her disastrous mini-budget, which sparked turmoil in the financial markets and forced her to U-turn on the tax-slashing agenda that brought her into office.

In her resignation statement outside Downing Street, Ms Truss said she recognised she could not “deliver the mandate on which I was elected by the Conservative Party”.

MPs call to ‘bring back Boris’

Speculation is mounting about who could replace Ms Truss, with many Conservative MPs calling for Boris Johnson to return.

But any comeback from the ex-PM is likely to be divisive, with other Tories describing such a move as a “fantasy” and “too soon”.

Read more:

We will have a new prime minister, but it’s hard to see how it stops the rot | Beth Rigby
Who is in the running to replace Liz Truss as prime minister?

Mr Johnson resigned following a number of scandals culminating in the Chris Pincher affair – which led to the collapse of support in his cabinet.

Having been found guilty of breaking his own lockdown laws, he is still the subject of an ongoing inquiry into whether he lied to the Commons over partygate.

Other MPs have thrown their weight behind Mr Sunak, the former chancellor and runner-up in the last leadership race.

Commons leader Ms Mordaunt, who came third, could also be set to throw her hat into the ring.

Sky’s political editor Beth Rigby says Ms Mordaunt is “taking soundings” on the matter.

‘Britain is not their personal fiefdom’

Opposition parties have said that, whoever wins the leadership race, a general election must be called immediately.

Sir Keir Starmer, the Labour leader, said the Conservative Party has “shown it no longer has a mandate to govern”, adding that British people “deserve so much better than this revolving door of chaos”.

“Britain is not their personal fiefdom to run how they wish,” he said.

Senior adviser to Liz Truss suspended pending investigation | Politics News

One of the prime minister’s most senior advisers has been suspended from Downing Street pending an investigation, Sky News understands.

Jason Stein, a special adviser to Liz Truss, is to face a formal probe by the Cabinet Office propriety and ethics unit.

It follows allegations that he was responsible for unauthorised negative briefings against former cabinet ministers.

Truss warned she’s ‘out’ if she has bad PMQs – Politics latest

Mr Stein was a key aide during Ms Truss’s leadership campaign and had been serving as the acting head of political communications in Number 10.

There had been anger among some Conservative MPs about briefings from Number 10 sources over the weekend.

The Sunday Times reported that a Number 10 source had told them Sajid Javid had not been considered for the chancellor role following Kwasi Kwarteng’s sacking because he is “s**t”.

Sky News’s political editor Beth Rigby said it was “another crisis emerging for Liz Truss within her own team”.

The suspension was confirmed just before Ms Truss began her third session of Prime Minister’s Questions in the Commons as she battles to hold onto her premiership following Mr Kwarteng’s removal and reversal of most of her government’s mini-budget.

The PM made a public apology in the Commons as she faced questions from Labour leader Sir Keir Starmer for the first time since her economic plan was ditched by new Chancellor Jeremy Hunt.

“I have been very clear that I am sorry and that I have made mistakes,” she told MPs.

Discussing the swathe of economic policy U-turns carried out by Mr Hunt on Monday, Ms Truss continued: “The right thing to do in those circumstances is to make changes, which I have made, and to get on with the job and deliver for the British people.”

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Starmer: ‘Will Liz Truss be out by Christmas?’

Earlier today, Foreign Secretary James Cleverly warned discontent Tory colleagues against “defenestrating” another PM as he suggested another Conservative leadership contest would not calm the markets.

Read more:
Foreign sec defends Truss U-turns
Protest disruption blamed on ‘tofu-eating wokerati’

He told Sky News the government does “not aim to make mistakes” but “in life, in politics, in business, mistakes do happen”.

“What you’ve got to do is recognise when they’ve happened to have the humility to make changes,” he added.

“The prime minister and the chancellor have learnt lessons from what happened previously.”

A YouGov poll taken on Monday and Tuesday found a majority of Tory members think Ms Truss should go and have buyer’s remorse as more think Rishi Sunak, who lost out to Ms Truss, would be a better PM.

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‘I’m a fighter, not a quitter’

The PM has risked a fresh fight with Tory MPs by making a vote on a Labour motion on fracking a test of confidence in her administration later today.

But amid growing calls for her to resign, Ms Truss insisted she is “a fighter not a quitter” after Sir Keir said the Conservatives’ economic credibility is “gone” and asked the PM: “Why is she still here?”

Majority of Tory party members want Truss to resign now – and want Boris Johnson to replace her | Politics News

The majority of Conservative Party members want Liz Truss to resign now – just six weeks after voting her in – and their preferred replacement is Boris Johnson, a new poll has found.

A YouGov poll of Tory members found 55% would now vote for Rishi Sunak, who lost out to Ms Truss, if they were able to vote again, while just 25% would vote for Ms Truss.

As her position as prime minister hangs by a thread following a major U-turn on the majority of the mini-budget, Tory members are largely unimpressed with Ms Truss.

Truss faces cabinet – as favourite to replace her emerges – politics latest

The poll found 55% of members think she should resign now, while 38% believe she should remain.

And a majority (63%) think former PM Boris Johnson would be a good replacement, with 32% putting him as their top candidate, followed by Mr Sunak at 23%.

They also would support Mr Sunak as a replacement, with 60% thinking that would be a good idea, while 47% think new chancellor Jeremy Hunt would be a good replacement.

Former leadership candidate Penny Mordaunt has a lot of support as well, with 54% thinking she would be a good replacement, while 62% think Defence Secretary Ben Wallace would be – although he ruled himself out last time.

A total of 31% of Tory members interviewed think they should be the only ones to elect a new leader, while 25% think only MPs should and the same number think MPs should pick the final two candidates and party members choose the final – as currently happens.

The poll was taken on the day and day after Mr Hunt announced the government was U-turning on the majority of the mini-budget policies announced three weeks before by Kwasi Kwarteng, who was sacked as chancellor on Friday.

YouGov polled 530 Conservative Party members between 17-18 October, with age, gender, EU referendum voting and the recent leadership vote weighted to represent the population.

Truss has just removed one of her biggest remaining arguments for staying in power | Politics News

After allowing her chancellor to rewrite the government’s energy price plan, Liz Truss has just removed one of her biggest remaining arguments for staying in power.

Yes, reversing the Kwarteng income tax cut, abolishing the dividend tax changes and the VAT-free shopping scheme are very politically painful.

But abandoning the existing energy price cap scheme from April is on a different level of significance and leaves this government holed below the waterline.

Hunt announcement – live: Chancellor goes further than expected – as MPs say it’s ‘when not if’ Truss goes

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Hunt warns of ‘more difficult decisions’

Now people’s energy bills will be going up from April, just as millions face bigger mortgage payments too, but this is only one of several problems this decision causes.

Boris Johnson always attempted to make the argument that he got big calls right. This is now all but impossible for Liz Truss.

The prime minister has clung on relentlessly to the wisdom of her energy price plan: praising it again on Friday in the awkward mini-press conference, over the weekend in an article in The Sun, and allowing government ministers – like Treasury minister Andrew Griffith on Sky 24 hours ago – to point to it as the one government success.

It wasn’t even part of the mini-budget – announced 48 hours after she entered office – and over a fortnight before Kwasi Kwarteng’s calamitous statement.

Yet politically the Truss team allowed it to morph into the mini-budget’s biggest triumph, even as other parts were thrown in the dumpster.

Truss’s MPs like Robert Halfon could see the folly, but she could not until the very last moment. She clung on to it when everyone else could see the warning lights.

It is hard to overstate what a big deal this is because of the wider signal it sends.

This will be seen as the day when bailout Britain ended. Starting in the pandemic, getting a nation used to bailouts with the furlough scheme and business support schemes, there has been an assumption government will step in when external shocks take place.

This is no more.

Liz Truss had exposed the public finances to near unlimited liability for two years, because she cannot have known the cost of gas rises resulting from Putin’s war.

One of the most dangerous fiscal policies of modern times has been consigned to the bin.

It is for her MPs now to judge whether she still has enough credibility to remain in office after this particular U-turn.

Pound rebounds in early Asia trading, following Liz Truss U-turn and Jeremy Hunt appointment | Business News

The pound has edged a little higher against the dollar in early Asia trading, following PM Liz Truss’s partial reversal of her initial economic plan.

It had fallen to a record low against the dollar at the end of September, after the short-lived then chancellor Kwasi Kwarteng unveiled the biggest programme of tax cuts for 50 years.

Mr Kwarteng, who was sacked on Friday after just 38 days in the job, paid the price for a mini-budget that called into question the government’s economic credibility more widely as the cost of borrowing surged, leading to an unprecedented intervention by the Bank of England (BoE).

However, following the prime minister’s announcement on Friday that corporation tax would rise to 25% from April next year instead of keeping it at 19% as part of the initial mini-budget, sterling gained 0.6% to $1.1245 on Monday in trade in Asia.

Kwasi Kwarteng leaves Downing Street
Image:
Out the door went Kwasi Kwarteng

Mr Kwarteng’s replacement, former foreign and health secretary Jeremy Hunt, has promised to win back the confidence of the financial markets by fully accounting for the government’s tax and spending plans.

New Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street
Image:
In came the new Chancellor of the Exchequer Jeremy Hunt

All eyes are now on how the UK government bond market will trade, after the BoE on Friday concluded its emergency gilt market support.

“If we do see a surge in gilt yields, then that would show that markets remain very sceptical about the debt sustainability
in the UK,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

“I think sterling is likely to remain very volatile this week,” she added.

Read more:
Pound sinks to record low against the dollar – as PM and chancellor defend mini-budget
Bank of England ‘will not hesitate to change interest rates as necessary’ after pound’s fall

Can Truss remain PM?

The Conservative Party is now on its fifth chancellor in the past three years – Mr Hunt, Mr Kwarteng, Nadhim Zahawi, Rishi Sunak and Sajid Javid.

Mr Hunt is the seventh Tory chancellor in 12 years.

There is now a renewed focus on whether Ms Truss can remain in the job.

A Tory MP told Sky News: “The idea that the prime minister can just scapegoat her chancellor and move on is deluded.

“This is her vision. She signed off on every detail and she defended it.”