British Prime Minister Liz Truss's fate could be sealed by the mood of markets when they open on Monday morning and her own backbench MPs, as she battles to save her post this week.
After Ms Truss appointed Jeremy Hunt as Chancellor and effectively ditched her economic agenda to restore credibility to her ailing administration, all eyes will be on the market reaction on Monday morning to see if she has done enough to reassure the City.
Even if she receives a positive result, those efforts could come to nothing this week if Tory MPs decide that a change of leader is required.
Three Conservative MPs broke ranks on Sunday to publicly tell Ms Truss that the “game is up”.
Crispin Blunt, MP for Reigate in Surrey, said he did not think she could survive the crisis and “it’s now a question as to how the succession is managed”.
Andrew Bridgen, MP for North West Leicestershire, joined the call on Sunday evening, telling The Telegraph newspaper: “We cannot carry on like this.”
“Our country, its people and our party deserve better,” said Mr Bridgen, who backed Rishi Sunak in the summer leadership race.
Jamie Wallis, who represents Bridgend in Wales, also confirmed that he had written to Ms Truss, asking her to stand down.
Other senior figures within the parliamentary party expressed deep unease with her leadership but stopped short of calling for her to go.
Mr Blunt, who backed Jeremy Hunt in the leadership contest, on Sunday said that most of his colleagues “clearly understand that Prime Minister Truss’s authority is now fatally damaged”.
“She has to go now as she cannot win nor sustain the confidence of her colleagues, far less the public and a relentless media," he said.
“The principal emotional reactions to her public presentation is now a mixture of anger, contempt and pity.
“It’s a blinding glimpse of the obvious that this cannot and should not continue.”
Mr Blunt called for former leadership contenders Mr Sunak, Mr Hunt and Penny Mordaunt to come together and steer the party out of the current crisis.
Mr Wallis published the letter he sent to Ms Truss, which said that he did not think she could unite the divided party.
“Watching senior colleagues exploit the issue of transgender rights and weaponise it in order to score cheap political points was extremely unpleasant," said Mr Wallis, who came out as transgender this year.
“You chose not to challenge this behaviour and have now chosen to have those same colleagues sit alongside you in your government.”
Liz Truss's political career - in pictures
-
New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP -
Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA -
Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA -
Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP -
Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP -
Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street -
Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA -
Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street -
Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street -
Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street -
Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street -
Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA -
Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street -
The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street -
Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA -
Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street -
Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street -
Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA -
Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA -
Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA -
In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA -
When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images -
Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images -
Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA -
Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA -
The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA -
Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA
Earlier, Conservative former chief whip Andrew Mitchell, who backed Mr Hunt in the leadership contest, told BBC Radio 4: “The Conservative parliamentary party has always shown itself clear, and indeed ruthless, in making changes if required.
“If the prime minister proves unable to govern effectively she will have to stand down, and the parliamentary party will make that clear. And, indeed, the mechanism is not important. It’s that reality that would assert itself.
“But we should all be trying to help her to succeed and to get it right.”
Mr Hunt, widely regarded now as the most powerful man in government, insisted on Sunday that “the prime minister’s in charge”.
He also told the BBC that after two failed leadership bids, his desire for the top job has been “clinically excised”.
Mr Hunt at the weekend insisted that Ms Truss was still in charge even as he called for a tough package of tax increases and spending cuts to steady the UK economy.
It came at the end of another extraordinary weekend in British politics, during which even US President Joe Biden called Ms Truss’s economic vision a “mistake”.
With the backdrop of rumoured plots and plans to install the defeated Mr Sunak or Defence Secretary Ben Wallace as the new leader, Ms Truss met her Mr Hunt in Chequers to draw up a new budget for October 31.
Ms Mordaunt also offered the prime minister her full support, using a piece in The Telegraph to warn that the UK “needs stability, not a soap opera”.
She told colleagues that the “national mission” is clear but it “needs pragmatism and teamwork”.
“It needs us to work with the prime minister and her new Chancellor," Ms Mordaunt said. "It needs all of us.”
Alicia Kearns, Conservative MP for Rutland and Melton who recently became the chairwoman of the Commons foreign affairs committee, told Times Radio it was hard to say if Ms Truss should stay in the top job.
“Ultimately it is a very difficult one because I think, you know, we’ve had the questions around our moral competency," Ms Kearns said. "We’ve now got questions around our fiscal competency.
“I don’t want further questions around even our ability to continue to govern as a party and our ability to stay united.
"It’s an incredibly difficult one and, ultimately, I need to listen to colleagues and speak to colleagues over coming days.
“But do we need a fundamental reset? Without question.”
New UK Chancellor Jeremy Hunt admits mistakes were made - video
The critical remarks come as another senior Conservative MP, Robert Halfon, said he wants an “apology and a fundamental reset”.
Mr Halfon, chairman of the Commons education committee and MP for Harlow, would not deny that MPs were considering another leader.
“We’re all talking to see what can be done about it,” he said.
“I worry that, over the past few weeks, the government has 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. There’s been one horror story after another."
Mr Halfon said he was not calling on Ms Truss to go but told Times Radio the government needs a reset “pretty soon”, adding: “I can’t give you hours or days.”
Former health secretary Matt Hancock said the prime minister needed to reshuffle her Cabinet.
Speaking to the BBC about the prospect of a leadership contest, Mr Hancock said: “I don’t think we’re there yet."
B"She needs to do three things: deliver an economically credible plan, reshuffle her Cabinet and restore trust.
“She needs to bring the broad Conservative Party in her government. She needs a reshuffle."
