UK PM Liz Truss under pressure to ditch economic plan
October 13, 2022, 4:30 pm

UK PM Liz Truss under pressure to ditch economic plan

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

A senior member of the U.K. government on Thursday (Oct 13) rejected suggestions that Prime Minister Liz Truss should step down after lawmakers from her own party criticized Truss for economic policies that have sparked turmoil on financial markets, the Associated Press reported.

During a stormy, private meeting with Conservative Party lawmakers on Wednesday evening, Truss was blasted for pursuing an economic growth strategy that benefits the wealthy at the expense of the working class voters who handed the party a landslide victory in 2019.

Truss has “trashed the last 10 years of workers’ Conservatism,” British media quoted Robert Halfon, chairman of the House of Commons Education Committee, as saying during the session.

Truss is under pressure after her plan for 45 billion pounds ($50 billion) of unfunded tax cuts triggered steep declines in the pound and government bonds. Investors are concerned the plan may lead to unsustainable borrowing because the government hasn’t provided analysis on how it will affect debt levels.

London is the capital and largest city of England and the United Kingdom, with a population of just over 9 million - Photo. Pixabay

“I think that changing the leadership would be a disastrously bad idea, not just politically but also economically,” Foreign Secretary James Cleverly said in an interview with the BBC. “And we are absolutely going to stay focused on growing the economy.”

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Cleverly reiterated the government’s argument that the proposed tax cuts will stimulate economic growth, which will in turn generate increased tax revenue to pay for public services.

Under pressure to stabilize financial markets, Treasury chief Kwasi Kwarteng said earlier this week that he would release further details on the government’s economic plan and its impact on public finances by the end of this month. That’s three weeks earlier than previously planned.

Source: ap

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”