Some Conservative MPs oppose tax cut

Some lawmakers in the Truss's Conservative Party opposed a move to reduce benefits at a time when millions are struggling with higher costs of food and energy.

Penny Mordaunt, who is in Truss' cabinet of senior ministers, said that benefits should rise in line with inflation. Damian Green, a part of the party's centrist faction, said he doubted a real-terms cut would pass a parliamentary vote.

Victoria Prentis, a minister in the Department for Work and Pensions, told Reuters the government had to go through the numbers before it could make a final decision on benefits.

Interior Minister Suella Braverman accused sections of the party of staging a coup over the top tax rate cut. She said at the party's annual conference, I am very disappointed to say the least about how some of my colleagues behaved.

Braverman supported the cut to the top rate of tax that has now been scrapped. Simon Clarke, the cabinet minister, said Braverman talked sense, suggesting that unity among her top cabinet team was breaking down.

Some Conservative lawmakers had gallows humour.

There is a difference between a joke party and a dead party. If we remove Truss this quickly, we're a joke, but are we dead? One said something.

Investors are still waiting for more details about the government's tax and spending plans.

On Tuesday, Kwarteng stated that the next fiscal statement would be on Nov 23 but a government source said the government was considering bringing that date forward.

Truss became Britain's fourth leader in six years last month, promising to reignite the economy and bring some political stability after the chaotic leadership of Boris Johnson.

She was not the most popular candidate among the more than 350 Conservative members of parliament, and her decision to stake out a tax cut plan and then concede defeat has left lawmakers and investors questioning her judgement and authority.

Some lawmakers and commentators have been questioning whether she has a mandate to take Britain back to a 1980s-style Reagonomics policy without a national election at the annual conference in Birmingham, central England.

The Conservatives won the 2019 election, with Johnson promising to increase spending on public services.

It is not a good thing to sell the public on one type of package and vision, and then completely flip it and appear not to care, Rachel Wolf, co-author of the Conservatives 2019 manifesto, said on Sunday.

The Bank of England was forced to intervene last week with a package worth up to 65 billion pounds to shore up the bond market, because investors are worried about the new economic policy direction, hammering the value of British assets so hard.

Mohamed El-Erian, an adviser to financial services giant Allianz, said the government needed to get its house in order. He said that we are not a developing country and we need to stop acting like a developing country.