Dear Editor,

The world watched in horror while the pound sterling was flushed down the toilet by PM Liz Truss’s economic suicide policy enforced by her chancellor Kwasi Kwarteng that went unchallenged and spooked the financial markets and her own MPs making our currency the lowest in half a century.

She has put the economy in danger by gambling the public’s money through her reckless action. The taxpayer and future generations will be paying for her mistake. It has caused higher inflation, higher interest rates, higher mortgages, higher borrowing, and raised the price of imports. The Bank of England had to intervene to stop Pension Funds from collapsing. Homeowners will become homeless as properties are repossessed, benefit payments will fall, and poverty will rise. The public spending cutbacks puts the NHS in danger of collapsing.

How was this supposed to help people struggling with the cost-of-living crisis and soaring energy bills? The widely criticised economic policy was solely to benefit the rich and has turned the UK into a tax haven for the wealthy but the PM refuses to admit failure and reverse her mistake.

The government has failed us on all fronts and everyone has lost confidence. The Government is personally responsible and there needs to be an emergency intervention before things get much worse. Most of the attacks and concerns are coming from her own MPs. This was a failed proposal from the start.

Why is she still in No 10 and why hasn’t the chancellor resigned?

Jeannette Schael

Crookham Close

Tadley

Editor's note: The Chancellor Kwasi Kwarteng announced on Monday that the scrapping of the top rate of tax would not go ahead in the wake of market upheaval.

The pound dropped to its lowest level against the dollar after the announcement and the International Monetary Fund (IMF) and Bank of England intervened.