Some Conservative party members are on the verge of losing up, and the tone is dismal after weeks of market volatility and political chaos.
“It’s over… we can’t win,” volunteered one minister who supported Truss. This individual has dusted off their resume, realizing they will lose their seat in the next general election.
In the past 72 hours, the debate has centered on how long Liz Truss can remain in Downing Street. A tiny number of Conservative MPs have now officially demanded the resignation of the prime minister. More are likely to follow shortly.
Some individuals urged that Ms. Truss must vacate her position before the next election. Some assumed she had a few more months left in her. But an increasing number of people say that she has weeks or even days remaining in office, even though it is unclear how or who would succeed her.
One former cabinet minister stated, “Everyone knows this is over; the only question is when and how.”
Downing Street has communicated that they are in listening mode.
Ms. Truss, for her part, will spend most of Monday attempting to persuade ministers and lawmakers that the situation is not finished.
She will address the 100-strong One Nation group of centrist Conservative MPs in the House of Commons and hold discussions with cabinet ministers at a “reception” where they will be questioned on how to balance the budget in the medium term. To win over further lawmakers, the prime minister will invite them to coffee.
In addition to a surprise economic announcement on Monday, the incoming Chancellor Jeremy Hunt will meet with Conservative backbenchers this week to discuss the difficult decisions he claims he will have to make within the next two weeks. After the government’s strategy was effectively shredded over the weekend, all options are on the table.
The selection of Mr. Hunt may provide the prime minister with some breathing room. But is there sufficient time?
Some Conservative lawmakers are thrilled with his nomination and believe that he is now in charge of the economy. According to a former minister, he is the de facto prime minister.
Influential figures in the party’s center spent the weekend arguing that the rebels should wait to see what his Halloween economic proposal entails. That would afford the government at least two weeks.
There are also influential lawmakers pleading frantically for a period of peace. A “sizable portion” of legislators reportedly desire a slight temperature reduction. Some feel that a reshuffle bringing together different factions within the party could repair rifts.
However, the breakdown of Ms. Truss’s plans has been dizzying, and there may be further turbulence this week.
According to a former minister who served under Boris Johnson, “a great deal will depend on the markets.” “If they remain where they are, she will gain a little bit of time. If the markets enter a freefall, she must go within a week.”
A second was more conclusive: “She is done… I cannot see a scenario in which she is still alive shortly. I no longer see the value in her.”
Numerous Conservatives have this view. However, this does not mean they agree on the following steps.
Former cabinet minister: “I don’t think this premiership is going anywhere; I can’t tell you how it ends.”
Under the existing rules of the 1922 Committee, Ms. Truss is safe from a vote of confidence for one year. The rules could be altered, but previous practice indicates that the committee is hesitant to do so, preferring that the leader jumps before being pushed. This weekend, sources have recommended the same to me.
Many members of Congress are also concerned by the prospect of another protracted leadership struggle. Consequently, there are discussions about a coronation, in which MPs would choose their new leader in a matter of days without consulting members.
Ben Wallace, Rishi Sunak, and Penny Mordaunt are the three most talked-about names this weekend. However, everyone has their issues.
According to Mr. Wallace’s allies, he does not desire it at this time; he believes the focus should be on stability and that the prime minister should be given time to achieve it.
Mr. Sunak remains enormously contentious and is unlikely to win over those who hold him accountable for Boris Johnson’s demise. Some grandees warn that the party would splinter if he were elected by MPs as a leader.
Some believe Penny Mordaunt is too inexperienced to assume leadership, particularly during an economic crisis.
Other candidates under consideration include Jeremy Hunt and Grant Shapps. But could any of them unite a party so divided?
No matter what occurs this week, the Conservative Party is a miserable place. After years of internal debate, the organization has failed to reach a definitive decision over what it will do with power.
This makes Liz Truss’s situation extremely vulnerable, but it also complicates her other alternatives.
