After the ‘mistakes’ in her programme led investor confidence to vanish and her poll numbers to plummet before nearly all of them were eventually shredded on Monday, British Prime Minister Liz Truss apologised but insisted she would not resign.
Truss told the BBC, ‘I do want to accept responsibility and express sorry for the mistakes that have been committed.’
I intended to do something to address the issue of excessive taxes by assisting people with their energy bills, but we went too far, too quickly.
After Truss fired her close ally Kwasi Kwarteng on Friday, she appointed Jeremy Hunt as finance minister. On Monday, she abandoned the remaining major tenets of her tax-cutting agenda, including scaling back her expansive energy support programme.
When asked if she was merely the prime minister in name, Truss replied that she had chosen Hunt because she was aware that she needed to shift course.
She claimed that acting against the interests of the country in the manner in which she has would have been ‘absolutely irresponsible.’
In an effort to shake up British fiscal policy and stimulate the economy, Truss and Kwarteng unveiled 45 billion pounds in unfunded tax cuts last month.
However, bond investors had a harsh reaction, and borrowing costs skyrocketed. Mortgage offers were withdrawn by lenders, and the Bank of England eventually had to intervene to prevent the collapse of pension funds.
When asked about the effects of her policies, Truss acknowledged that they were ‘extremely challenging’ for families all around the nation but pledged to do what she could to assist them.
Post Your Comments