UK Labour Party Calls For General Election After Truss’ Resignation ‘To Avoid Chaos’

Posted by African Examiner Europe, Latest Headlines Thursday, October 20th, 2022

(AFRICAN EXAMINER) – The leader of the UK Labour party, Keir Starmer, on Thursday called for a general election after outgoing UK Prime Minister Liz Truss announced her resignation amid an economic crisis caused by what he described as the “chaos” of the Conservative Party.

“This cannot continue. Britain deserves better. Britain cannot afford the chaos of the Conservatives anymore.

“We need a general election now,” Starmer told the lower house of the UK parliament as broadcast by Sky News.

The official added that the crisis at Downing Street caused economic instability throughout the country which forced its people to overpay for bills, rent, and mortgage.

Earlier in October, Truss promised to reduce public debt amid a flurry of criticism over the government’s new plan to support the economy, which included large-scale tax cuts.

After the plan’s announcement, the yield on five-year UK government bonds rose to its highest level since 2008, at 4.6 per cent, which meant a decrease in demand for debt securities.

Consequently, sterling fell to an all-time low of $1.054 per pound.

In late September, a YouGov poll showed that the Conservatives’ rating dropped to 21 per cent, while the support of the Labour Party reached 33 per cent, the highest figure since the late 1990s.

The next general election in the UK is scheduled to be held no later than January 2025.

YEE