PM under pressure to rethink tax cuts
PM Liz Truss is under pressure from some senior Tory MPs to rethink tax cuts who want cuts to reassure the markets and stabilise the economy.
The warnings came ahead of a meeting of Tory backbenchers.
One loyal minister told the BBC: “We are completely in a dreadful place. There is no way out – maybe Liz Truss will find a way, but I cannot see it.”
Truss has repeatedly defended the proposed tax cuts outlined last month.
The chancellor’s mini-budget – which included £45bn of tax cuts funded by borrowing, sparked turmoil on financial markets and prompted the Bank of England to intervene to protect pension funds.