Britain’s new prime minister Rishi Sunak, who was among the first to poke holes in the economic plan of predecessor Liz Truss, said today that he praised “her unease to create change” when she made “mistakes”. Ms Truss’s plan – largely based on no tax cuts – eventually forced her out of office just 49 days after taking office.
In his first address to the people as prime minister, Mr. Sunak spoke of the “serious” economic crisis the country is facing. “The consequences of Covid are still on. Putin’s (Russian President Vladimir Putin) war destabilized the supply chain…” he said.
“I want to pay tribute to my predecessor, Liz Truss. She wanted to improve development in this country. It’s a noble cause. And I admired her unwillingness to make a difference. But some mistakes were made. Wasn’t born.” Wrong intentions, or bad intentions. Quite the opposite, indeed, but mistakes nonetheless. And I have been chosen as the leader of my party and your prime minister, in part, to correct them. And that work begins immediately. Happens,” said sage Sunak.
Markets were rocked after Liz Truss planned a mini-budget, with Liz Truss stepping down from the top post. “Given the situation, I cannot fulfill the mandate for which I was elected,” she told the media.
During a leadership contest earlier this year, Rishi Sunak criticized Liz Truss’s tax-cutting agenda. He said that he will cut taxes only after controlling inflation. He also outlined a plan to reduce income tax from 20 per cent to 16 per cent by 2029.
In his address today, he said he would “put economic stability and capability at the center of this government’s agenda”.
As she left 10 Downing Street, the UK prime minister’s official residence, Ms Truss wished Mr Sunak “every success” and said she was “more confident than ever” that the UK will face the challenges it faces. To be “adventurous” is required.
Mr. Sunak faces the challenge of not only finding a solution to economic challenges, but also getting it approved by his Conservative Party, which is deeply divided on key questions such as higher taxes, tax cuts and spending.
A section in the party is likely to strongly oppose higher taxes. Others will oppose spending cuts in key sectors such as health and defence.
In his address today, Mr Sunak also uttered words of praise for former Prime Minister Boris Johnson. He said he would forever be grateful to Boris Johnson for his “incredible achievements” as prime minister and would cherish his warmth and generosity of spirit.