UNITED KINGDOM: After “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 say sorry for the mistakes that have been made.”
I wanted to do something, but we went too far, too quickly. I wanted to help people with their energy expenses so they could deal with the problem of excessive taxes.
The remaining major pillars of her tax-cutting programme, including rolling back her expansive energy support program, were abandoned on Monday by Finance Minister Jeremy Hunt, who was appointed on Friday after Truss fired her close collaborator, Kwasi Kwarteng.
When asked if she was merely the prime minister in name, Truss responded 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 “completely irresponsible.”
By announcing 45 billion pounds in unfunded tax cuts last month to spur the economy out of stagnation, Truss and Kwarteng aimed to reshape British fiscal policy.
However, bond investors had a very negative reaction, which caused borrowing costs to skyrocket. In order to prevent pension funds from failing, the Bank of England eventually had to intervene after lenders withdrew their mortgage offers.
When asked about the effects of her policies, Truss acknowledged that they were “very difficult” for families all around the nation but pledged to do what she could to assist them.
Nevertheless, Hunt severely reduced her two-year energy bundle, which is now good only until April.
She promised that “the most vulnerable will be protected into next winter.” We are investigating the best way to accomplish that.
There have been rumours that Truss, who took over as leader less than six weeks ago, may be in for a mutiny from her lawmakers as early as this week.
On Monday, though, she remained stubborn, announcing that she would lead the Conservatives in the upcoming election.
She declared, “I’m sticking around because I was elected to serve this country.”
Also Read: Truss in Trouble: UK Leader’s Political Agenda, Economic Plans and Uncertain Future
