LONDON: Britain’s Prime Minister Liz Truss on Monday (local time) apologized for going “too far too fast” with reforms that undermined investor confidence and dropped her poll ratings, however, she did not vote for the next election. I vowed to stay on and lead the Tories. ,
As The Straits Times reports, in an interview with UK-based media, Truss said, “I want to accept responsibility and express my regret for the mistakes… we went too far and too fast. ”
However, she said she was “fully committed to giving for this country”, despite questions about who is now in control of the government’s policy, she pointed out.
His government on Monday lifted almost all of its debt-fuelled tax cuts last month to stem fresh market turmoil.
Finance Minister Jeremy Hunt, who was appointed Friday after the Truss sacked his close aide Kwasi Quarteng, on Monday brushed off the remaining key planks of his tax-cutting agenda, including rolling back his massive energy aid plan. was involved.
Asked if he is now prime minister in name only, Truss said he had appointed Hunt because he knew he would have to change direction, Australian daily, The Islander reported.
The shock move by new finance chief Jeremy Hunt – parachute into the job on Friday to replace the sacked Quasi Quarteng – leaves the truss position in a precarious position, with Conservative MP Roger Gale saying Hunt was the “de facto prime minister”. Hunt estimated the tax changes would raise about £32 billion a year, when economists estimated the government was faced with a £60 billion black hole. He also warned of tough spending cuts, The Straits Times reports.
The Chancellor of the Exchequer said no government can control markets – but stressed that their action would give certainty over public finances and help secure growth.
“The prime minister and I agreed yesterday to reverse almost all tax measures announced in the development plan three weeks ago,” Hunt told parliament, which was surrounded by a grim truce.
The Chancellor also announced the formation of an Economic Advisory Council, which would include four outside government experts, The Straits Times reported.
Hunt scrapped plans to eliminate the minimum rate of income tax and curb the government’s major energy price freeze – pulling the plug in April instead of the end of 2024.
Planned tax-free shopping for tourists and a moratorium on alcohol fees, as well as a proposed reduction in shareholder dividend tax, were also included.
The announcement comes as the governing Conservative Party tanks of Truss in opinion polls amid reversals and Britain’s livelihood crisis.
Tax cuts financed through borrowings were the focus of last month’s unfortunate budget.
As The Straits Times reports, Truss had already staged two embarrassing budget U-turns, eliminating tax cuts on the richest earners and company profits, and now calling on his own lawmakers to resign. Facing call.