UK finance minister backs Liz Truss, Says 'PM is in charge'

London: UK's newly appointed finance minister Jeremy Hunt rejected the idea that the party is thinking about replacing PM Liz Truss after a rocky start to her term in office.

In an interview with BBC, Hunt said: "The prime minister is in charge." He was asked who is running the government. He added that constituents want stability and the worst things will be more political instability and another protracted leadership campaign.

Truss has been in the office for less than 40 days and she won the leadership on the back of her plans for tax cuts. After she and then Chancellor Kwasi Kwarteng unveiled the mini-budget, the UK markets ended up in a crisis. The pound is in a free fall against the dollar.

After several of her economic policies backfired, she has taken a U-turn amid the Opposition calling for her resignation. Since then, she has gone back on two major policies and restored the maximum income tax rate of 45%. And now, the PM has announced the restoration of the rise in corporation tax which was announced by the Johnson administration when Rishi Sunak was chancellor.

If Liz Truss is removed from office, the top candidate to take her place will be Rishi Sunak, who lost against her in the last round of the election. He had also criticised Truss' £30bn plan for unfunded tax cuts. He said it will lead to misery for millions because the lights on the economy are flashing red and the root cause is inflation. "I'm worried that Liz Truss's plans will make the situation worse."