AgenPress – British Prime Minister Liz Truss said on Sunday she could have done a better job of “setting the stage” for her package of unfunded tax cuts, but insisted she would carry out an economic plan that caused turbulence on the financial markets and weakened the country’s public finances.
Truss acknowledged that the UK is coping “A very turbulent and stormy period”, but he said his policies would lead to a “high-growth, low-tax economy” in the long run.
Comments are unlikely to calm Truss’s Conservative Party, which opens Sunday his annual four-day conference in the city of Birmingham, in central England, amid falling audience ratings and growing public discontent.
Truss took office less than a month ago, vowing to fundamentally reshape the UK economy to end years of slow growth. But the government’s announcement on September 23 of an incentive package that includes £ 45 billion ($ 50 billion) of tax cuts, to be paid for with government loans, plunged the pound to an all-time low against the dollar.
The Bank of England was forced to intervene to bolster the bond market and fears that the bank will soon raise interest rates has prompted mortgage lenders to withdraw their cheaper offers, causing turmoil for homebuyers.
“I learned from this. I will make sure that in the future we will do a better job ”.
Truss went on to insist that Britain’s economic woes were part of a global rise in inflation and stimulated energy prices. since the Russian invasion of Ukraine .
In an effort to calm the market turmoil, Truss and his finance minister, Kwasi Kwarteng, said they will define a medium-term fiscal plan on November 23, along with an economic forecast from the Independent Bureau of Fiscal Responsibility.