British Prime Minister Liz Truss apologized for the controversial ‘mini-budget’
British Prime Minister Liz Truss apologized for the controversial ‘mini-budget’ and said, “I am sorry.” I want to help people with fuel prices by tackling the problem of high taxes. But we are in a hurry.
He expressed his regret in an interview given to BBC on Monday.
Asked if he was now prime minister in name only, Truss said he had appointed Hunt because he understood the need for a change of direction. Asked about the impact of her policies, the Tory prime minister said she understood it would be “very difficult” for families across the country, but she would do what was necessary to help them.
It has not been a month and a half since he took the leadership of the party and the country. In the meantime, many legislators from the Trus party have faced displeasure. There are also reports that they may try to remove him this week.
On Monday Truss said he would lead the Conservatives into the next election. I am staying because I am elected to serve the country. And I am determined to do that, he said.
Meanwhile, according to the Reuters report, he wants Liz Truss to lead the Conservative Party in the next general election. But within his own party, there is a lot of pressure to resign. The mini-budget has eroded investor confidence and shaken his position within and outside the party. Finance Minister Kwasi Kwarteng has been sacked due to this budget. In addition, there has been chaos in the money market.
On September 23 Truss and his former finance minister Kwasi announced a new ‘development plan’. It called for the highest tax cuts in 50 years as well as the National Insurance Scheme and stamp duty exemptions. But the plan shocked the market to such an extent that the Bank of England was forced to intervene with a 65 billion pound ($73 billion) program to boost the market.