Is saying sorry enough?

Even her closest supporters are questioning how long Liz Truss can remain as UK prime minister after another day of deep crisis for her fled [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Even her closest supporters are questioning how long Liz Truss can remain as UK prime minister after another day of deep crisis for her fledgling government. “The prime minister is not under a desk,” Penny Mordaunt, her former leadership rival, announced at one point in response to fierce questioning from opposition parties in parliament yesterday when she was sent to stand in for Truss. Key reading: - [Truss Sees UK Vision Dismantled as Rivals Fight for Her Job]( - [Labour Leads Tories by 36 Points in Poll, in Fresh Blow to Truss]( - [UK Recession Looms After Truss’s Growth Program Backfires]( - [Truss ‘Risk Premium’ Still Dogs UK Bonds Where Volatility Reigns]( It’s a novel measure of the difficulties facing the prime minister, who has rarely been seen in public since her plan for a massive tax giveaway unleashed chaos in UK markets last month and forced her to ditch her finance minister. When she did turn up to the House of Commons, Truss sat in silence on the front bench as her new Chancellor of the Exchequer Jeremy Hunt explained why he was dismantling her economic policy platform plank-by-plank to win back the confidence of investors. The stunning policy reversal leaves Truss in office but powerless to push ahead with the tax-cutting agenda that won her the Conservative Party leadership contest. Her approval rating slumped to 10% in a YouGov poll released today. A separate survey showed the opposition Labour Party ahead by 36 points, the biggest lead for any party in at least a quarter of a century. Yet just five Tory MPs have publicly called for her to quit, and a clear majority of MPs would be needed to change Conservative leadership rules in order to remove her. There’s no obvious alternative candidate to unite the party and try to prevent a disastrous rout in elections due by January 2025. Truss finally apologized for the damage to the economy in a BBC interview late yesterday. That’s unlikely to pacify many of her own lawmakers and most of the country. They want her to go. — [Ben Sills]( Truss departs Parliament in London on Monday. Photographer: Chris J. Ratcliffe/Bloomberg Click [here]( to subscribe to our weekly newsletter Next Africa. And if you’re enjoying this newsletter, click [here]( to sign up for Balance of Power. Global Headlines Risk of war | President Xi Jinping set no timetable for the vow he made Sunday that China can “without a doubt” reunify with Taiwan, but expectations have [risen]( among party hawks and a patriotic public over an issue that looks set to dominate his probable third term. Even the US thinks he may move more aggressively, with Secretary of State Antony Blinken saying Beijing has made [a decision]( to seize Taiwan on a “much faster timeline” than previously thought. - The slogans attacking Xi that featured on banners draped by a lone protester over a Beijing bridge last week have since [spread]( to other Chinese cities and across the globe, as censors on the mainland continue to ban any reference to the event. Baby bust | President Vladimir Putin’s invasion of Ukraine is consigning Russia’s population to a historic decline after he spent years racing against the [demographic]( clock. Thousands of battlefield casualties, the enlistment of 300,000 reservists and an even bigger flight of men abroad are derailing his goals of stabilizing the population following a slump in births linked to the Soviet Union’s collapse. - Ukrainian President Volodymyr Zelenskiy said nearly a third of the country’s power stations have been [destroyed]( in Russian strikes since Oct. 10, sparking massive blackouts. US Midterms Latest - [Ryan, Vance Clash on Immigration in Final Ohio US Senate Debate]( - [Unpopular Biden Shuns Obama-Trump Midterm Travel Strategy]( - [House GOP’s Scalise Defends Medicare, Social Security Plans]( Republicans and Democrats are looking at a [compromise]( to extend tax breaks for children in low-income families and corporations, which would hand wins to both parties before year’s end but after the midterm congressional elections. Passage could offer a marginal lift to households and companies next year just as the US faces rising risks of a recession. Nuclear reversal | Chancellor Olaf Scholz ordered an extension to the working life of Germany’s three remaining nuclear plants until mid-April — a [dramatic reversal]( of an earlier decision by Vice Chancellor and Economy Minister Robert Habeck. The plan is designed to end a standoff between his two coalition partners, the Greens and the Liberals, as the nation faces an unprecedented energy crisis. - The European Union is unveiling a new [emergency package]( to tackle the energy crunch, but will refrain from immediate gas-price caps amid political divisions. Best of Bloomberg Opinion - [In the UK, the Grown-Ups Come to the Rescue: Therese Raphael]( - [Tourists Spark Japan Debate Over ‘Face Underwear’: Gearoid Reidy]( - [Kanye Buys His Own Little Piece of Free Speech: Parmy Olson]( Labor walkout | Rail, energy and other key workers in France are striking today to demand a bigger share of corporate profits, [raising pressure]( on President Emmanuel Macron to ease the impact of surging inflation. The walkouts follow protests against price hikes on Sunday and blockades at refineries and fuel depots. Escalating conflict | Eritrea is [intensifying]( its involvement in neighboring Ethiopia’s civil war, backing the government against fighters from the northern Tigray region and hampering efforts to end a two-year conflict that’s destabilized the entire Horn of Africa. Eritrea continues to shell towns and villages across Tigray and thousands of new conscripts have been deployed to the battle front-lines, according to rights activists. Explainers you can use - [What Are Iranian Drones Russia Is Using in Ukraine?]( - [Cold Seawater to Heat Helsinki Homes With New Underwater Tunnel]( - [What Is Behind Vietnam’s Latest Anti-Corruption Fight: QuickTake]( The “In Trust” podcast investigates a massive transfer of Native American wealth, and how the federal government played a role in creating an Oklahoma empire. Listen every week on [Apple](, [Spotify](, or wherever you get your podcasts. News to Note - The Biden administration is moving toward a release of at least another 10 to 15 million barrels of oil from the nation’s emergency stockpile in a bid to [balance markets]( and keep gasoline prices from climbing further, sources say. - British police are investigating an [attack]( on a Hong Kong protester inside the grounds of a Chinese consulate, which took place as Xi opened a key Communist Party Congress in Beijing. - An exclusive club of 58 billionaires saw their wealth [multiply]( at an eye-popping pace thanks to changes brought about by Covid and cheap money, only to plummet more quickly. - Sudan’s military and a group of political opponents are close to a [deal to resolve]( the crisis caused by last year’s coup by restoring a civilian prime minister and guaranteeing the army some independence, sources say. - Australia has reversed a decision to recognize [West Jerusalem]( as the capital of Israel, returning to its previous diplomatic position that the city’s final status should be resolved as part of peace talks with the Palestinian people. And finally ... Singapore has long been a [haven]( for sanctioned Myanmar businessmen, including tycoon Tay Za, who has been accused by the US and others of supplying arms and equipment to his nation’s military. But the city-state’s stance is becoming increasingly difficult to maintain as Washington ramps up pressure on the junta and global financial regulators weigh blacklisting Myanmar. There are signs Singapore is moving away from its policy of not interfering in the affairs of neighboring countries. Tay Za with Myanmar military officers at Yangon International Airport in 2007. Source: AP Photo Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022