Tories will try to oust Truss this week

British lawmakers will try to oust Prime Minister Liz Truss this week, a report said yesterday, as the government axed almost all of its debt-fuelled tax cuts unveiled last month to avert fresh markets chaos, in another humiliating blow for the embattled PM.

More than 100 members of parliament (MPs) belonging to the governing Conservative Party are ready to submit letters of no confidence in Truss to Graham Brady, the head of the Conservative Party's committee which organises the leadership contest, the Daily Mail reported, quoting unnamed sources.

Britain, engulfed in a political crisis, has lost three prime ministers since it voted to leave the European Union in 2016.

The MPs will urge Brady to tell Truss that "her time is up" or to change the political party rules to allow an immediate vote of confidence in her leadership, the report said.

Brady is said to be resisting the move, arguing that the Truss, along with newly appointed Chancellor Jeremy Hunt, deserve a chance to set out economic strategy in a budget on Oct. 31, the report added.

Separately, The Times reported that some lawmakers have held secret discussions on replacing Truss with a new leader.

Truss, who won the Conservative Party leadership last month after promising to slash taxes, is fighting for her political survival after ditching key parts of the programme.

The chaos has fuelled discontent in the party, which is falling behind the opposition Labour Party in opinion polls.

New finance chief Jeremy Hunt's move to axe almost all of its debt-fuelled tax cuts leaves Truss' position in a precarious state after a series of embarrassing U-turns.

Hunt estimated the tax changes would raise about £32 billion ($36 billion) per year, after economists estimated the government faced a £60-billion black hole. He also warned of tough spending cuts.

The chancellor of the exchequer said no government could control markets -- but stressed his action would give certainty over public finances and help secure growth.

"We will reverse almost all the tax measures announced... three weeks ago," Hunt said in a televised statement, conceding last month's budget from his predecessor had harmed the public purse.

"The most important objective for our country right now is stability," he added in a contrite statement, ahead of setting out further details in parliament later yesterday.

Hunt scrapped plans to axe the lowest rate of income tax, and curbed the government's flagship energy price freeze -- pulling the plug in April instead of late 2024.

After April, his department will "review" its energy support package, he said.

A proposed reduction in shareholder dividend tax was also binned, along with planned tax-free shopping for tourists and a freeze on alcohol duty.

Hunt's action sent the British pound jumping to $1.1346, while bond yields dipped.

Last month's notorious budget had sent bond yields spiking and the pound collapsing to a record dollar-low on fears of rocketing UK debt.

Tax reductions were the centrepiece of the ill-fated budget, but they were financed via huge borrowing.

Truss had already staged two embarrassing budget U-turns, scrapping tax cuts for the richest earners and on company profits.

Hunt already stated that he was not taking anything off the table" amid speculation of cutbacks on areas like defence, hospitals and schools.