Lawmakers will try to oust UK PM Truss this week
October 17, 2022, 8:12 am

Lawmakers will try to oust UK PM Truss this week

Liz Truss, Prime Minister of the United Kingdom of Great Britain and Northern Ireland - Photo. UK Gov's website

The Daily Mail reported, British lawmakers will try to oust Prime Minister Liz Truss this week despite Downing Street's warning that it could trigger a general election.

British Prime Minister Liz Truss faced a further blow to her leadership on Sunday night (Oct 16), when three Tory MPs broke ranks to demand that she quit.

Her new Chancellor Jeremy Hunt insisted on Sunday that the prime minister was still in charge of her government, even while he signalled plans to effectively scrap the economic vision that brought her to power.

MPs Crispin Blunt, Andrew Bridgen and Jamie Wallis all called on the prime minister to go on Sunday, while other senior figures within the parliamentary party expressed deep unease with Truss's leadership but stopped short of calling for her to go.

Blunt told Channel 4's Andrew Neil Show on Sunday: "I think the game is up and it's now a question as to how the succession is managed."

Fantastic day, meeting so many Conservatives who share my vision for the country. Together we will unite our party and unleash the UK’s potential - Text and Photo. Liz Truss official Facebook account

He was followed by Rishi Sunak supporter Andrew Bridgen on Sunday evening, who told the Telegraph newspaper: "We cannot carry on like this."

Tory MP Jamie Wallis also confirmed that he had written to Truss asking her to stand down, as he hit out at what he called the "very basic and avoidable errors in your approach."

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The Chancellor, brought in to replace the sacked Kwasi Kwarteng and restore credibility to Downing Street, was at pains to stress that Ms Truss had changed, and that his fiscal plan due to be revealed on October 31 - now effectively a full budget - would be enough to reassure the country and the markets.

He told the BBC's Sunday With Laura Kuenssberg programme that Truss remains "in charge" and insisted voters can still put their faith in her.

"She's listened. She's changed. She's been willing to do that most difficult thing in politics, which is to change tack," he said.

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"What we're going to do is to show not just what we want but how we're going to get there," Hunt added.

While the chancellor warned of "difficult decisions" and fresh "efficiency savings" for all departments, he declined to get into specifics about potential new cuts or what promises could be axed in a bid to save money.

"I'm not taking anything off the table. I want to keep as many of those tax cuts as I possibly can because our long-term health depends on being a low-tax economy. And I very strongly believe that," he told the BBC.

One measure being considered is a delay of a year to Mr Kwarteng's aim of reducing the basic rate of income tax, according to the Sunday Times.

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Truss met Hunt at Chequers on Sunday but that meeting came amid a backdrop of fresh attacks on the prime minister's authority.

Tory MP Robert Halfon, chairman of the Commons Education Committee, did little to quash reports of plots against Truss during an appearance on Sky News, when he declined to deny that MPs are considering installing a new leader.

"Of course, colleagues are unhappy with what is going on," he said. "We're all talking to see what can be done about it."

While he stopped short of calling for the prime minister to go just yet, he did launch an extraordinary attack on the government and the guiding philosophy of the mini-budget.

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"I worry that, over the past few weeks, the government has looked like libertarian jihadists and treated the whole country as kind of laboratory mice on which to carry out ultra, ultra free market experiments. And this is not where the country is.

Senior Conservative Alicia Kearns also told Times Radio that the question of whether Truss should continue in charge is "incredibly difficult."

"Ultimately I need to listen to colleagues and speak to colleagues over coming days," she said.

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Former health minister Matt Hancock also urged the Prime Minister to reshuffle the Cabinet to extend her support across the party.

Labour again hit out at the Government on Sunday, with shadow business secretary Jonathan Reynolds claiming that any cuts it now introduces are entirely due to its own "incompetence."

He told the BBC's Sunday With Laura Kuenssberg programme: "I'm not even sure what this Government's economic policy is at the moment. I don't know which bits of the budget still apply, and I don't know what we will hear next week."

Source: anews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.