Having another Tory leadership contest weeks into Liz Truss' premiership would be 'mad as cheese', Andrew Marr has said
Several reports on Monday said some MPs were submitting letters of no confidence in Ms Truss after the pound plummeted to a record low against the US dollar following Chancellor Kwasi Kwarteng's mini Budget."Britain's five-year bond yields, that's the price of borrowing set by markets making a judgement on British government, are now worse than those of Italy and Greece.
"The pound, still weak, has rallied a bit against the dollar - not much - as currency speculators mooch around spitting gum on the streets while they wait for the Bank of England to raise interest rates.every Monday to Thursday from 6pm to 7pm "Its governor has said tonight that it's ready to, although there has been no emergency meeting this afternoon."Yet so far the government insists it's not flinching in its enthusiasm for underfunded tax cuts to promote growth."
Andrew said Ms Truss' Tory leadership rival Rishi Sunak warned inflation was "the enemy" and so it was not "the responsible thing" to "launch into some unfunded spree of borrowing and more debt".He went on: "Well, Tory MPs are already considering putting in letters for another leadership challenge against the new prime minister, Liz Truss, only weeks into her premiership.
"As we wait for the Bank some of us hear echoes of Black Wednesday, the day 30 years ago when a falling pound and panicky rises in interest rates destroyed the reputation of the then-Chancellor Norman Lamont.
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