British Prime Minister Liz Truss said on Sunday that she would continue her economic plan, which caused turmoil in financial markets and weakened the country’s national currency.
Truss acknowledged that the United Kingdom was facing “a very turbulent and turbulent time” but said her policies would lead to a “rapidly growing, low-tax economy” in the long run.
These comments are unlikely to reassure the Truss Conservative Party, which is opening its four-day annual conference on Sunday in the central English city of Birmingham amid falling ratings and rising public discontent.
Truss took office less than a month ago, promising to revolutionize the British economy to end years of sluggish growth. But on Sept. 23, the government announced a stimulus package including £45 billion ($50 billion) in tax cuts to be paid for by government borrowing, sending the pound to a record low against the dollar.
The Bank of England was forced to intervene to prop up the bond market, and fears that the bank would soon raise interest rates caused mortgage lenders to withdraw their cheap deals, causing homebuyers to freak out.
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