Home Secretary Suella Braverman (Reuters)

Despite major criticism from the Tories and the British public, UK's Prime Minister Liz Truss asserted her continued confidence in her Chancellor Kwasi Kwarteng on Tuesday, in light of the latter's announcement of rescinding the emergency tax-cutting mini-budget that was to help resolve the country’s economic crisis - just one day after she announced being "absolutely committed" to it.

The mini-budget consisted of a 45% income tax rate for top earners, which The Guardian described as “open warfare” in the PM’s cabinet, but Home Secretary Suella Braverman pointed fingers at those attacking the Conservative Party for trying to start a coup and “undermine” PM Truss “in an unprofessional way”. Days after announcing the mini-budget, the British pound plummeted to its lowest rate against the US dollar since 1971. After a fall of 3.61%, the sterling extended its losses to more than 4%, reaching $1.0327, before rising back to $1.05.

Truss's ally, Leveling Up Secretary Simon Clarke, supported Braverman saying that “Suella speaks a lot of good sense, as usual.” On the other hand, Trade Secretary Kemi Badenoch, decried Braverman's statement, commenting that she believes it’s unnecessary for MPs to talk about coups.

Other MPs such as Simon Hoare and Steve Double joined in to make clear their stance by their colleagues in opposing the removal of the 45% income tax rate. Double expressed: “Doing what we believe to be right for our constituents is not ‘a coup’ or unprofessional. It’s called doing our job as backbench MPs. If this is the approach the cabinet take, we’re in for a bumpy time,” while Hoare believed that “representing one’s constituents is not a coup.”

Last week, Tory members urged Truss to kick Kwarteng to the curb as they viewed her new government formation as a situation in dire straits.

This debacle comes following Chancellor Kwarteng's speech during the Conservative Party Conference announcing that his mini-budget plan had created "a little turbulence," but assured the audience that a new deal will be made to revive economic growth in the country.