Prime Minister Liz Truss apologizes for threats to UK economic stability. After she was forced to cancel many of her tax cut plans. and started a project to reduce public spending at instead
After a week of blaming the market and “Global Wind” for Investors Ditching Pounds and Treasury Bonds Truss said she regrets that “Going too far and too soon” with her drastic economic plans to steer Britain out of years of stagnant growth. British Prime Minister Liz Truss apologizes.
The market plunged into chaos after Her September 23 “small budget” remains under tension even after Truss’s. Jeremy Hunt, Minister of Finance Tear off your plans on Monday.
It is unclear whether Truss’s apology will quell the growing rebellion in her ruling Conservative Party. A number of legislators have demanded her resignation. while others Dozens fear they will lose their jobs in the new elections.
Even one of her ministers said she could not make another mistake. That can be difficult as her government looks deeply into savings, and Hunt has refused to underwrite agency budgets such as Health and Prevention.
Truss’ decision to withdraw her economic program has alleviated some of the pressure on Britain’s rising borrowing costs. But the degree of reversal means she is fighting to survive. Just six weeks after she became Prime Minister.
The withdrawal of the two-year energy subsidy program, coupled with possible changes in pension and welfare levels, means the country’s impending recession is expected to intensify. As households struggle with rising energy and food costs.
“I want to accept responsibility and apologize for the mistake I made,” Truss told the BBC on Monday.
“I want to help people with their energy bills. Dealing with the problem of high taxes But we went too far and too soon.” She added that she was “passive” and she would lead the Conservatives into the next election because it was about two years away, although the statement brought laughter.
Truss silently watched parliament on Monday as Hunt blasted the harsh economic agenda she proposed less than a month ago and caused a setback in the bond market so deep that the Bank of England had to. Intervene to prevent pension funds from collapsing.
for some in the party The humble prime minister’s gaze in parliament was almost nonexistent that she could fight.
The Daily Mail, which lauded Truss’s plan, took the front page with the prime minister leaving parliament on Monday, titled “In office but out of power”, while the backing Sun newspaper called her “The Ghost PM”
Armed Forces Secretary James Heappey said his boss Truss could not make another mistake. “For her credit She owns it and apologizes,” he told Sky News.
She met with a team of high-level ministers on Tuesday. and will talk to her lawmakers. which has been supported by some close government officials to suspend any movement. to oust her until Oct. 31, when the government presented a complete financial plan.
market chaos
Truss, elected by party members and not broader voters, promised to cut taxes and regulations to ignite the economy in a policy critics have dubbed a return to the Thatcheri economy. in the 1980s.
But the market reaction was so dramatic that borrowing costs skyrocketed. Lenders drew mortgage deals and pension funds went downhill.
The Bank of England said a report in the Financial Times about the new delay in starting government bond sales was incorrect. The FT said it had learned that senior officials were likely to decide a delay was needed after ruling that Thong Suk Ja Market He has been “extremely distressed” in the past few weeks.
Ryan Air British Chief Executive Michael O’Leary describes the economic situation of the United Kingdom as In which he blamed the country’s decision to vote to leave the European Union in 2016.
When Britain’s economic reputation collapses Hunt may have to go further in search of more government spending cuts than the government could have had if the Trust had not released her economic plans at a time of soaring inflation.
Torsten Bell, head of the Resolution Foundation, an opinion agency, told BBC Radio the government may now need to cut public spending by around £30 billion. This is a tougher task if the conservative government has cut the department’s budget in the last 10 years.
One side of the spending so far is Truss’ two-year energy support package, which is estimated to cost more than 100 billion pounds ($113.5 billion).
Hunt said household and business support would last through April. prior to the inspection prompting analysts to say that families It could face a £5000 energy bill next year.
On Monday, Hunt declined to underwrite previous policies, such as a commitment to raise pensions based on inflation
Expressing pressure to grow the government as it seeks to cut spending, young minister Heappey said he would resign if the government scrapped plans to increase defense spending to 3% of GDP by 2030. Prosperity without security,” he told LBC Radio.
Truss also faces a battle to win not just her own legislature. She is not only the most popular leader the company has ever pursued, according to YouGov.
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