Jeremy Hunt is now an all-powerful back seat driver, MPs believe
After his crisis talks with Liz Truss at Chequers, Jeremy Hunt was photographed being driven from the PM’s country retreat sitting in the back of a government car.
Earlier, when the new chancellor was asked in a TV interview who was in charge, him or the PM, he insisted it was her. But MPs believe Mr Hunt is now an all-powerful back seat driver.
Mr Hunt wasn’t even being driven from Chequers in a top-of-the-range Range Rover as befits his new status as a senior cabinet minister, but a humble and less conspicuous people carrier.
And the embattled PM will be hoping her new chancellor can carry the British people with him, as he embarks on more U-turns designed to steady the nerves of markets, Tory MPs and voters.
The latest verdict of the markets will come early on Monday morning, hours before MPs return to Westminster after taking soundings in their constituencies over the weekend. Those soundings are likely to have been brutal.
The voters’ latest verdict will come in the next snap opinion polls. And while jittery Tory MPs will hope the polls can’t get any worse for their party, it’s possible they will.
A poll of polls analysed by Sky News confirms the findings of recent surveys suggesting Labour’s average lead is nudging 30 points, the biggest since Tony Blair’s honeymoon period after his 1997 landslide.
After the turmoil and chaos of the past week, the mood of Conservative MPs is mutinous. One senior backbencher, Sir Crispin Blunt, was first to declare publicly that the game is up.
Truss loyalists will claim, with some justification, that Sir Crispin is not the most reliable witness. He defended former Tory MP Imran Khan, who was convicted of sexual assault, though he later apologised.
But the Reigate MP, who is now quitting at the next election, was only saying publicly what many Conservative MPs are saying privately.
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‘Blindingly obvious Liz Truss must go’
He was closely followed by serial rebel Andrew Bridgen, who claimed the PM has run out of friends. He expects “fireworks” this week and predicts a general election if the situation is not resolved quickly.
In issuing his call, Mr Bridgen has set some kind of record. Ms Truss is the fourth leader he has called to go since he was elected in 2010, after David Cameron, Theresa May and Boris Johnson. At least he’s consistent.
Next came Jamie Wallis, a 2019-er, who declared “enough is enough” and announced he’s written to the prime minister, asking her to stand down as she no longer holds the confidence of the country.
There was much talk over the weekend of Tory MPs rallying behind a “unity candidate” to replace Ms Truss. Defence Secretary Ben Wallace, defeated leadership candidate Rishi Sunak and Commons Leader Penny Mordaunt have been touted to succeed the PM.
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But a senior defence source told Sky News: “The defence secretary is focused on our support for Ukraine and the security of Britain and our allies. Our future as a government and as a Conservative Party lies in demonstrating and providing stability.
“Anything other than that will lead to a deserved spell in opposition.”
In other words, Mr Wallace is telling his more excitable backbenchers to calm down and the veteran plotters – a group of embittered ex-ministers who have been both king-makers and assassins of Tory leaders over the years – to back off.
For now.
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Expect more no-confidence letters
Mr Wallace didn’t entirely rule out putting himself forward at some point in the future. And he remains the favourite among party activists, regularly topping polls of party members in highly unscientific popularity contests.
It’s likely Mr Hunt will have to face MPs in the Commons on Monday afternoon to explain the U-turns so far, either in a statement or by answering an urgent question from Labour’s Rachel Reeves, which Speaker Sir Lindsay Hoyle would be certain to grant.
But as he proved in his weekend interviews, Mr Hunt is an experienced and accomplished public performer who has already displayed a reassuring tone in his first few days in his new job.
The same cannot be said of Ms Truss, whose brief news conference in Downing Street on Friday afternoon was a public relations disaster that left even many of her most loyal supporters in despair.
Not surprisingly, Labour want the PM and not Mr Hunt to come to the Commons. Good luck, as they say, with that.
Mr Hunt is now on a rescue mission to save Ms Truss’s premiership. He’s also suddenly back in the running to become the next prime minister, along with Mr Wallace, Mr Sunak, Ms Mordaunt and – his diehard supporters hope – Boris Johnson.
To be fair, he did say in his latest interview: “Having run two leadership campaigns, and by the way failed in both of them, the desire to be leader has been clinically excised from me.”
Liz Truss’s news conference on Friday left some of her supporters in ‘despair’
He went on to say: “I want to be a good chancellor. It’s going to be very, very difficult. But that’s what I’m focusing on.”
Difficult indeed. Many MPs would see his appointment as chancellor as a poisoned chalice. And there have been suggestions that he wasn’t the PM’s first choice and she sounded out Sajid Javid first.
That’s strongly denied by Number 10 insiders, one of whom took the opportunity to denigrate Mr Javid to Sunday newspapers in most unpleasant terms, provoking understandable protests from Tory MPs.
Mr Hunt is now undeniably the man of the moment. How long he remains in that position will depend on how long Ms Truss survives.
Given the extremely brief tenure of his two immediate predecessors, Kwasi Kwarteng and Nadhim Zahawi, he’ll have to weigh up whether it’s worth moving his wife and three young children into the Downing Street flat.
But he could be forgiven for hoping he gets to be driven around in a better government car than the rather down-market people carrier that sped him away from Chequers.
Given the PM’s vulnerability and weakness, the back seat driver tag will be difficult for Mr Hunt to shake off.
World
Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem
South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.
His decision to send troops onto the streets led to the country’s worst political crisis in decades.
The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.
The president was also said to have taken actions “beyond the powers provided in the constitution”.
Demonstrators stayed overnight near the constitutional court. Pic: AP
Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.
The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.
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The court was under heavy police security guard ahead of the announcement. Pic: AP
After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.
He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.
His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.
The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.
South Korea must hold a national election within two months to find a new leader.
Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.
Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.
The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
Trump tariffs latest: US stock markets tumble
All three of the US’s major markets opened to sharp losses on Thursday morning.
The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
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The latest numbers on tariffs
‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
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How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
Read more:
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It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”
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