Half of Britons think Liz Truss was right to sack Chancellor but just 14% optimistic of successor

As Liz Truss faces mounting fury from the Tories tonight, a snap poll by YouGov has shown half of Britons think she was right to sack former Chancellor Kwasi Kwarteng – but just 14 percent have faith in replacement Jeremy Hunt.

The poll showed 49 percent of Britons think the Prime Minster was right to sack Kwasi Kwarteng, matched by 51 percent of those who voted for the Conservatives at the 2019 general election. 

Overall among Britons, just 16 percent say that the decision was the wrong one.

Despite media briefings as early as 8am this morning that the Chancellor had the PM’s full support, Mr Kwarteng cut his trip to the US a day short to fly back to the UK, and was sacked by Ms Truss almost as soon as he arrived back in London.

Pressure has been mounting for days for Liz Truss to take action after the markets went into turmoil over the Chancellor’s unfunded mini-budget announcement. 

In a major U-turn and noticeably short press conference this afternoon Truss announced that the government has reversed its policy to scrap the planned rise in corporation tax from 19 percent to 25 percent in April 2023. 

But she was only on the stage for eight minutes and took just four questions from the media before walking out of the room. 

YouGov found that six in ten Britons support the corporation tax freeze U-turn with just 15 percent opposed.

Support for the U-turn is also high among 2019 Conservative voters at 57 percent with around one in five opposed to it.

Almost immediately after Mr Kwarteng had been sacked, it was announced that Jeremy Hunt would replace him as the new Chancellor of the Exchequer.

Former foreign secretary and two-time failed leadership contender Mr Hunt is making a shock return as a ‘safe pair of hands’ to take over No11. 

Two in five Brits think that he will do a bad job as Chancellor with just 14 percent expecting him to do a good job. 

But the polling found that almost half of the public don’t know. Although Mr Hunt is seen as a safe choice among some Conservatives, he has been out of headline roles in the Cabinet for some time. 

Even among 2019 Conservative voters, just one in five think Mr Hunt will do a good job.  

Barely a month into her premiership, Ms Truss fronted a make-or-break press conference today to abandon plans to keep corporation tax at 19p, rather than hiking it to 25p in April.

She said she had made a ‘difficult’ decision for ‘economic security’ and ‘in the national interest’, but argued that her ‘mission’ to reduce taxes remained.

‘We will get through this storm,’ she said. ‘The mission remains the same.. but ultimately we have to make sure we have economic stability.’

Under fierce fire from journalists, Ms Truss refused to apologise for ‘trashing’ the Tories’ reputation – before abruptly walking out after eight minutes and just four questions.

She is under fierce criticism among members of her own party after sacking Mr Kwarteng, when he followed her vision she herself set out in the Tory leadership contest.

In a letter, Mr Kwarteng confirmed he had been ‘asked to stand aside’ rather than quitting – and suggested he still believes that the tax-cuts should go ahead. After being fired, the MP left No10 by the front door, smiling and waving to waiting media.

He wrote in a letter that he was still supportive of ‘your vision’ and ‘your government’s commitments’, adding he believes her fiscal policy is the right plan. But commentators pointed out he appears to have distanced himself from Ms Truss. 

Ms Truss replied by praising their ‘friendship’ and ‘shared vision’, saying he had put the ‘national interest first’ by falling on his sword. 

Despite Mr Kwarteng leaving no doubt that he had been given no choice in the matter, she said: ‘I deeply respect the decision you have taken today.’

One bewildered Cabinet source told MailOnline of the prospect of Mr Hunt taking over at No11: ‘I think my rationality barometer is broken.’

Chris Philp has also been ousted from Treasury Chief Secretary, after a series of gaffes including tweeting that the Pound was strengthening during Mr Kwarteng’s mini-Budget speech – minutes before it crashed. He is swapping jobs with Paymaster General Edward Argar.

Mr Kwarteng becomes the the second shortest-serving chancellor in modern British politics, only behind Iain Macleod – whose career was ended by his death after 30 days in office in 1970.

Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 62 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days – the fourth shortest tenure on record.

In the letter released this afternoon, Mr Kwarteng confirmed that he had been sacked by the PM. 

He wrote: ‘You have asked me to stand aside as your Chancellor. I have accepted.

‘When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

‘As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation — that must still change if this country is to succeed.

‘The economic environment has changed rapidly since we set out the Growth Plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.

‘It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.

‘We have been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first Chancellor.

‘Your success is this country’s success and I wish you well.’

Downing Street will now be waiting anxiously to see if the PM has done enough to cling on, but the early response was not promising, with one former Cabinet minister telling MailOnline the PM had been ‘robotic’ and made the situation far worse.

‘What an absolutely shambles. She’s got to go. After eight minutes… ”I’m going to walk off, I don’t have to take this sh**”,’ the MP said.

‘She has burned the house down and she is the chief firefighter. She is now going to be running the country on policies that she trashed completely in the leadership contest… why isn’t she joining Kwasi under the bus?’

Tory veteran Christopher Chope, who toured broadcast studios supporting Ms Truss yesterday, complained this evening that the party is a ‘laughing stock’ saying he is in a ‘state of despair and utter disbelief’.

Another previously staunch backer, John Redwood, warned Ms Truss has ‘a lot of work to do’.

Fellow Truss supporter, Chris Loder, expressed his hope the PM could continue but admitted: ‘I get the feeling from the parliamentary party and a number of her supporters that is actually quite difficult at the moment.’

However, other MPs urged colleagues to be ‘calm’, saying talk of replacing Ms Truss or a snap election were ‘rash’.

And a senior Conservative said the next few weeks will be critical. They said: ‘She didn’t settle things, but I think Jeremy Hunt’s appointment is shrewd. Her real challenge will be to last a few weeks. If she lasts beyond Christmas she will have stabilised.’