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Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Geopolitical tensions and tighter supply…

UK Government In Crisis: Resignations, Bullying, And Financial Turmoil

Things are going from bad to worse for British Prime Minister Liz Truss, with Interior Minister Suella Braverman resigning on Wednesday just a week after the Prime Minister fired Kwazi Kwarteng for the financial turmoil caused by the government’s experimental mini-budget.

In her letter of resignation, Braverman admitted to having made “a technical infringement of the rules” when she sent an official document to a colleague from her personal email.

The news coincided with chaos in Parliament amid voting on the removal of the fracking ban, which was one of the first things Liz Truss did when she came into office.

Opposition MPs accused the Tory leadership of bullying its own parliamentarians into voting for the removal of the fracking ban, the BBC reported, with one Tory MP saying "I expect the prime minister to resign very soon because she's not up to her job."

The UK is suffering through a cost-of-living crisis due in large part to the energy crunch plaguing the whole of Europe. So far, it appears that Truss has only made the problem worse, crashing the pound and adding to uncertainty within the government.

Things came to a head last month after Truss presented her draft budget for the country, which envisaged hefty tax cuts. The budget sent the pound plunging and led to a government debt sell-off at such rates that pension funds were at risk of going under.

Later, Truss walked back most of her budget stipulations, adding to a long list of U-turns from the British government and undermining any confidence observers may have had that this government is capable to deal with the major issues it is facing. Calls for her resignation have been growing louder in the past few weeks.

Soaring energy costs, the risk of two to three-hour blackouts in the coldest days of winter, and an inflation rate of 10.1 percent as of September all call for a stable and competent government. Based on the evidence so far, this government is not that.

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By Charles Kennedy for Oilprice.com

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