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Key Words: ‘The prime minister is not under a desk.’ Liz Truss avoids debate on Kwasi Kwarteng dismissal.

“The prime minister is not under a desk. I can assure the House.”

That was how Penny Mordaunt, the leader of the House of Commons, answered Labour MP Stella Creasy, one of many opposition lawmakers taking digs at Prime Minister Liz Truss for not appearing at the House of Commons to answer what was called an “urgent question” about why she dismissed Kwasi Kwarteng as chancellor of the exchequer.

“She is not here for a very good reason,” added Mordaunt.

The good reason did not need more than an hour to address, as Truss did eventually show up — for the address to Parliament from her new chancellor, Jeremy Hunt.

Earlier, Mordaunt had said the appointment of Hunt as chancellor was done to restore financial stability in the face of “volatile global conditions.”

Financial markets did react well to Hunt’s statement on Monday on reversing tax cuts and making unspecified spending cuts, as the yield on the 30-year gilt

dropped by nearly 50 basis points and the British pound


The Tell: Financial markets still underestimate inflation risks despite seven straight 8%-plus annual CPI readings, according to DB

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