Apologising for her mini-budget that crashed the country’s currency, United Kingdom Prime Minister Liz Truss said she wanted to help people with taxes but she went too far and too fast.
, United Kingdom Prime Minister Liz Truss.
By India Today Web Desk: Apologising for her controversial mini-budget that crashed the country’s currency, United Kingdom Prime Minister Liz Truss said she wanted to help people with taxes but she went too far and too fast.
“I do want to accept responsibility and say sorry for the mistakes that have been made. I wanted to act to help people with their energy bills to deal with the issue of high taxes, but we went too far and too fast,” Truss told the BBC’s Chris Mason.
In the interview with the BBC, Truss said she would lead her Conservative Party into the next general election, despite her government being under huge pressure from investors and party members since the mini-budget was unveiled in late September.
The plan, which proposed unfunded tax cuts, huge government borrowing and exempted energy companies from a windfall tax, sent the pound tumbling to its lowest level against the dollar in decades.
“I put in place a new chancellor with a new strategy to restore economic stability.”
Last Friday, Truss replaced Chancellor of the Exchequer Kwasi Kwarteng with Jeremy Hunt, a former cabinet minister of multiple briefs who has stood for the leadership twice.
Truss is reeling under a looming threat of being finished as the UK PM owing to failure in managing soaring inflation in Britain and the currency hitting a record low. In fact, her regime introduced a mini-budget on September 23 with the aim of imposing cuts on household taxes and energy bills.
Following this, traders warned of amplified debts and the said budget did not have the desired effect on the UK economy.
The budget was tabled under Truss-appointed Kwasi Kwarteng as UK Finance Minister, the first black to hold the office. However, on Friday, Truss sacked her minister and appointed Jeremy Hunt as her new Finance Minister, engulfing Britain in a fresh crisis. It may be noted that the UK has recorded the ouster of three of its prime ministers since the country voted to exit the European Union in 2016.