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British Prime Minister Liz Truss has apologized for her “mistakes” and promised to lead the Tories to the next general election because she fought for her job after tax cut plans were scrapped.
Truss says he has “adjusted what we are doing” after the government’s fiscal policy roils markets, appointing a new prime minister with a new strategy to “restore economic stability” did.
“I think it’s a sign of an honest politician to say I made a mistake,” she said.
The prime minister is fighting to save her post after her economic agenda was tattered by the former prime minister’s groundbreaking mini-budget dismantling.
After new Prime Minister Jeremy Hunt cut back on the energy aid package and waived “nearly all” tax cuts announced by his predecessor, Truss said he wanted to “accept responsibility and apologize for the mistakes I made.”
“I wanted to act … to pay utility bills and help people deal with high tax issues. But we went too far and too fast. I admitted it,” she said. told the BBC.
She said she was “elected for this country” and “is staying here”, adding that “I will lead the Conservatives to the next general election”.
Pressure on Mr Truss picked up momentum tonight as five Conservative MPs openly called for Mr Truss’ resignation after just six weeks in power.
Charles Walker was the latest to claim her departure.
He told Sky News:
He said the situation could only be “improved” by a “new prime minister”.
Earlier, a spokesman for Mr. Truss said there was no point today when Mr. Truss thought he was out of time.
Conservative Party Speaker Jake Berry said the focus was on “solidarity” when Truss addressed the One Nation Group of Tory MPs in Westminster.
He said she was “exceptional” and that the meeting was still going on, but that he had heard no irritation towards her.
Hunt reverses UK mini-budget with dramatic U-turn
Earlier, Britain’s new prime minister, Jeremy Hunt, scrapped Mr Truss’ economic plans, slashed huge energy subsidies, and launched one of the biggest fiscal policy U-turns in the country’s history.
He was charged with staving off a dramatic loss of investor confidence and a bond market crash triggered by the government’s announcement of a huge, underfunded tax cut on September 23.
Hunt reversed all the policies that helped Truss become Conservative leader and prime minister less than six weeks ago.
A spokesperson for Mr Truss today denied Mr Hunt ran the country started to
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“The core responsibility of any government is to do what is necessary to stabilize the economy,” Hunt said in a televised statement, adding that “the growth plan we announced three weeks ago is the most important.” We will withdraw almost all of the tax measures we have taken,” he added.
Hunt said in the House of Commons this afternoon that the government would make “spectacular” and difficult decisions to ensure the restoration of confidence and confidence in the country’s finances.
“We are a nation that finances our commitments and pays our debts, and if that is called into question, then, as in the past, this government will take the difficult steps necessary to ensure confidence and confidence in our national finances. We will make a decision,” Hunt said.
The former foreign and health minister was appointed Friday after Truss sacked her close ally Kwasi Kwarten.
Under the new fiscal policy, most of Mr Truss’ £45bn outstanding tax cuts will be gone and a two-year energy assistance plan for households and businesses (expected to cost well over £100bn) , will be reduced in April.
A subsequent review would set up a targeted scheme that would “burden taxpayers significantly less than planned”.
Mr Hunt said canceling the planned tax cuts could raise £32bn each year. The pound surged as much as 1.5% to $1.1338 after 2:30pm.
Economists said the measures would not close the fiscal gap or undo the damage done by the government’s radical policies, but they were a move in the right direction.
“We have taken action to chart a new course for growth to help and serve people across the UK,” Truss said on Twitter.
The prime minister initially did not appear in parliament today, but Penny Mordaunt answered questions from members of parliament on her behalf. left the chamber again.
Mordaunt previously said the prime minister was in a “wall-to-wall meeting” and told parliamentarians there was a real reason for Truss’ absence but “cannot give a reason”.
“Young lady is not meant to turn around… up.”
UK Labor Party leader Keir Sturmer criticizes UK Prime Minister Liz Truss for not attending the House of Commons to answer his party’s pressing questions about the appointment of a new prime minister. Details: https://t.co/TO7Y5Yzytl pic.twitter.com/PaSdmGxPNG
— RTÉ News (@rtenews) October 17, 2022
fight for survival
Britain’s latest crisis began on 23 September, when newly appointed Mr Truss and then-Chancellor of the Exchequer Kwarteng launched a £45bn cash-strapped stagnation to lift the economy out of years of stagnation. announced tax cuts.
They argued that a massive increase in spending during the Covid-19 pandemic had pushed UK tax revenues towards their highest level since the 1950s.
But the reaction from bond investors who funded the tax cuts was very negative, and borrowing costs skyrocketed. Lenders withdrew their mortgage offers and the Bank of England had to intervene to finally stop the pension fund from collapsing.
After scrapping one of the tax cuts, Truss fired Kwarten on Friday, admitting that her plans had gone “even faster” than investors expected.
Mr. Hunt dumped the rest over the weekend and began reviewing spending to appease the market and prevent borrowing costs from rising further. Adding to the pressure, the Bank of England stuck to its plan to end emergency support on Friday.
Gilts rallied today, but the 10-year bond yield is still about 46 basis points above the Sept. 22 close, and the damage continues. Yields on equivalent German and US government bonds rose over the same period, but UK government bonds have been particularly hard hit.
The Resolution Foundation think tank said the UK would once again embark on a ‘tax-boosting economic agenda’ that would cost the typical household around £1,000 in lost income.
Asked at a series of press conferences how the prime minister could maintain credibility after abandoning policies to ensure elections by party members, a spokesman for Truss said he listened to the public, colleagues and markets. said to be tilting.
“She is making the difficult decisions necessary to change our approach so that we can provide financial stability and, equally important, maintain leadership stability,” he said.
“The prime minister is not under the desk.”
House of Commons Leader Penny Mordaunt defends UK Prime Minister Liz Truss, who had to deputize before questions about the appointment of a new prime minister. Details: https://t.co/TO7Y5Yzytl pic.twitter.com/ivVIIXvpib
— RTÉ News (@rtenews) October 17, 2022
Truss’ turnaround has angered Conservative MPs who support her and prompted those who oppose her to find ways to remove her from power. Some say she already has to go, and the opposition Labor Party is calling for elections.
Mr Truss is the fourth British Prime Minister in six years and was formally appointed on 6 September.
Additional Report: Reuters
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Truss apologizes for ‘mistake’ after budget U-turn –
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