Your tax plans are causing upheaval on the financial markets, and your finance minister has had to leave after five weeks in office. Now Liz Truss expresses regret for her false start for the first time. But she doesn't think about giving up.
British Prime Minister Liz Truss has acknowledged flaws in her economic plan but is sticking to her position. "I want to take responsibility and apologize for the mistakes that have been made," Truss said in an interview with the BBC. "I wanted to act to help people with their energy bills and solve the problem of high taxes." In doing so, she overshot the target. The government had gone "too far too quickly".
She wants to remain in office despite criticism. "I'm staying here because I was elected to do something for this country," she said. "And I am determined to do that." Truss, who succeeded Boris Johnson just under six weeks ago, is reportedly facing a possible no-confidence vote by her party's MPs later this week.
The government's debt-financed tax plans had led to turbulence on the capital markets and caused the British pound to plummet. As a result, Truss initially had her confidante, then Finance Minister Kwasi Kwarteng, withdraw the planned tax cut for the rich. She released him on Friday. The new Treasury Secretary Jeremy Hunt almost completely overturned the planned package on Monday. He also announced the establishment of an advisory body on economic issues.
