Truss has one opportunity to fix this - she must put her hands up and say she's wrong, says Tobias Ellwood

13 October 2022, 19:48

Liz Truss must put her hands up and admit she has got a lot of things wrong, Tobias Ellwood has said.

The former Tory MP said the Prime Minister has one opportunity to fix the fallout of her mini-budget, starting afresh with an emergency Cabinet including members from across the Tory party.

Speaking on LBC's Tonight with Andrew Marr, Mr Ellwood explained: "She must put her hand up and say 'I've got lots of things wrong - not just one or two things.'

"She's got one opportunity to fix this and it's tied in with the fiscal statement."

The Chancellor's statement was recently brought forward to October 31, with there being growing calls for parts of the mini-budget to be altered in order to balance the books.

However, it seems some already believe it is too late, with there being talks in Westminster of ways to oust the PM.

"This isn't just the economics and the politics, it's also security," Mr Ellwood said.

"It's tied into the big picture of Britain's place in the world."

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'Thatcher had a real coalition of big beasts, that's where we need to go!'

He later doubled down on his comments, saying: "She has got to put her hand up and say 'not only have I got it wrong politically with the project I've been wanting to pursue, but ultimately, with the team as well.'

"There is the mechanics as to how business is done in Westminster which she has tried to turn on the head

"If she turns that around, and brings players in from across the party... don't forget Thatcher has been the big thing about this leadership contest."

He added: "Thatcher had a real coalition of big beasts - that's where we need to go."

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'I think she's got one opportunity to fix this.'

Mr Ellwood's comments come after Chancellor Kwasi Kwarteng insisted there would be no more mini-budget u-turns despite claims the government may raise corporation tax.

Speaking in Washington, chancellor Mr Kwarteng said: "My total focus... is on delivering on the mini-budget and making sure that we get growth back into our economy.

"That's the central prize, that's the main focus of my job," he said, in the middle of talks with the International Monetary Fund (IMF)."

His comments echoed an earlier statement by the Prime Minister's spokesperson, who said that Liz Truss remained committed to the mini-budget.

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However, Mr Ellwood issued a stark warning that changes needed to be made soon for the Tories to succeed at the next general election.

"If we don’t get this right soon, then our position and our prospects at the next general election will be absolutely dire," he said.

"Leadership is about what you do on the bad days , not the good days.

"It’s about recognising that yes, you can bump into failure, but you can then fix it.

"It’s about having the courage to step up, bring people with you, sell what you’re trying to do, communicate that, and have that vision everyone can buy into."