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British Prime Minister Truss is fighting to stay in power after the failure of tax reforms

New Chancellor of the Exchequer Hunt told parliament that Truss had agreed to roll back almost all of the tax measures announced three weeks ago, as a glum Prime Minister looked on

Britain’s Liz Truss was fighting to save her job as prime minister on Tuesday after market turmoil over her tax cut plans forced a series of humiliating U-turns that put her job at risk.

The beleaguered leader – just six weeks into his tenure – met senior ministers for their weekly cabinet the day after new Chancellor of the Exchequer Jeremy Hunt announced that almost all of her debt-fueled tax cuts would be reversed.

Hunt, who replaced her sacked ally Kwasi Kwarteng last Friday, urged ministers to “think about saving taxpayers’ money” before detailing the government’s revised medium-term financial plans on Halloween.

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But even Conservative MPs are publicly joining opposition lawmakers in declaring her stance intolerable, and the 47-year-old’s credibility appears to be undermining.

The pollster also found she was the most unpopular leader ever tracked, with a net approval rating of -70.

– Cost reduction –

The Trust has already made two embarrassing U-turns, reversing tax cuts for the wealthiest earners and corporate profits, before firing a close friend of Kvarteng.

He estimated all the changes would bring in about 32 billion pounds ($36 billion) a year after economists estimated the government was facing a 60 billion pound black hole. Hunt also warned of tough spending cuts.

The International Monetary Fund said in a statement on Tuesday that the UK government’s latest announcements “signal a commitment to fiscal discipline” and help align policies to fight inflation.

In an interview with the BBC on Monday, Truss tried to draw a line under the crisis, which was largely self-inflicted, but she insisted she would remain in her post.

She is set to return to the House of Commons on Wednesday for a Prime Minister’s Questions session, seen as a crucial, perhaps last, chance to reassert her power.

After the speech on Monday, the Sun tabloid called Truss a “ghost prime minister” and the left-wing tabloid The Mirror called the situation a “disastrous humiliation”.

“It is hard to imagine a more serious political and economic crisis in recent times than the one Britain is currently facing,” the editorial said.

Under current party rules, she cannot be challenged domestically through a vote of no confidence in her first year, but there is speculation that these could be changed to allow a vote.

“I think her position is intolerable,” Conservative MP Charles Walker told Sky News.

“Given how buoyant our politics are… I don’t think there’s room for any more mistakes,” he told Sky News.

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