Shropshire MP calls for general election after mini budget measures abandoned by new Chancellor
A general election must be called after the Prime Minister's catastrophic mini-budget was almost entirely thrown out, according to a county MP.
Liz Truss has come under extreme pressure after her new chancellor Jeremy Hunt delivered a live broadcast confirming moves to ditch a host of pledges from the Prime Minister, only made last month.
Weeks of turmoil in the financial markets led to the move from Mr Hunt, as he sought to reassure financiers over the UK's fiscal credibility – and limit the impact on pensions and mortgages.
In an announcement that included limiting the Government's energy price cap guarantee to six months rather than two years, he said: "The most important objective for our country right now is stability.
"Governments cannot eliminate volatility in markets but they can play their part and we will do so, because instability affects the prices of things in shops, the cost of mortgages and the values of pensions."
The move has led to more speculation over the future of the Prime Minister.
The chancellor's move was welcomed by Shropshire's Conservative MPs, but drew stinging criticism from North Shropshire's Liberal Democrat MP, Helen Morgan.
Ms Morgan said: "The Conservatives’ catastrophic blunders have wreaked so much havoc on the economy that people across North Shropshire are already paying the price through their mortgage payments and energy bills.
“At the same time as hanging hardworking families out to dry, the Tories are protecting the profits of the oil and gas giants when they should be introducing a windfall tax.
“Liz Truss is clearly incompetent and the fact she was chosen by the Conservatives shows how out of touch the party is."
She added: “We need a general election now to take the Conservatives out of power and end this crisis."
But Shropshire's Tory MPs welcomed Mr Hunt's moves, saying he had "the confidence of the markets".
Philip Dunne, who worked on Mr Hunt's failed leadership campaign, said: "I warmly welcomed Jeremy Hunt's appointment as Chancellor of the Exchequer, he is someone who brings huge experience and has respect from parliamentarians and the civil service given his long role in the most senior levels of Government.
"He has done what he had to do, which is to work with the Prime Minister over the weekend to identify the measures needed to restore confidence that the government was not going to be exposed to a fiscal gap."
Montgomeryshire MP, Craig Williams, who worked on former Chancellor Rishi Sunak's unsuccessful leadership campaign, said he welcomed the chancellor's statement, adding that he hoped it would reassure the markets.
Telford Conservative MP Lucy Allan said: "Jeremy Hunt has taken strong action to stabilise the economy at a time of worsening economic forecasts.
"The energy support package was more generous than that offered by comparator countries and was unaffordable.
"It is right that it will now become targeted with effect from April 2023.
"Jeremy Hunt is taking the right measures in these exceptional circumstances and he has the confidence of the markets."
Wrekin Tory MP, Mark Pritchard said: “It was vital that stability returned to the markets and it appears the Chancellor’s adjustments to the Mini Budget have achieved that. Notwithstanding, lowering taxes and growing the economy is still very much a cornerstone of Conservative economic policy; today’s statement just means it will be delivered over a slightly longer period and with a clearer and comprehensive fiscal plan.”
Shrewsbury & Atcham's Conservative MP, Daniel Kawczynski, said that the Prime Minister retained his support.
He said: "I continue to have confidence in the Prime Minister. She has only just started the job and it is too early for me to throw her under the bus when she is grappling with the extraordinary issues this country is facing."
