New British Prime Minister Liz Truss came under growing pressure Wednesday from opponents — and inside her Conservative Party — to reverse announced tax cuts that are fueling a financial crisis in an already struggling economy.
Truss, a champion of low-tax, free-market conservatism who cites 1980s political icons Margaret Thatcher and Ronald Reagan as inspirations, promised during her campaign to slash taxes and red tape in order to energize Britain’s sluggish economy.
But many Conservatives were surprised by the scale of the announced tax cuts — and by the strength of the market reaction. The government says it will set out on Nov. 23 how it plans to pay for the cuts, alongside an economic forecast by the independent Office for Budget Responsibility. Adam Tomkins, a former Conservative member of the Scottish Parliament, said “Trussonomics” was “profoundly unconservative.”
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