UK’s Prime Minister, Liz Truss has apologized to Brits for her mistakes saying her first month in office “hasn’t been perfect.”
In an interview with BBC News, she mentioned that, she recognized she has made some mistakes and has since taken steps to rectify them.
“Now I recognize we have made mistakes, I’m sorry for those mistakes but I fixed those mistakes. I have appointed a new Chancellor, we have restored economic stability and fiscal discipline.”
Liz Truss
Madam Truss expressed her commitment to building UK’s economy though she acknowledged her government has to restrategise to make that happen.
“I remain committed to the vision, but we will have to deliver that in a different way,” she said.
The British Prime Minister emphasized that, her focus now is to deliver for the UK public by doing the needful.
“What I now want to do is [to] get on and deliver for the public. We were elected on the 2019 manifesto; I’m determined to deliver on that [by] leveling up security investment into all parts of our Country, getting roads built, getting opportunities right across the Nation and that’s what I’m thinking about; that’s what I’m focused on”
Liz Truss
She counselled her appointees that regardless of the difficult times the UK and the World is in, they should remain focused on their vision to deliver for the British public.
“My message is we should be focused on delivering for the British public. We are in difficult economic times, we’re in difficult International times with the war being perpetuated in Ukraine. Now is the time to focus on delivering.”
Liz Truss
Madam Truss also mentioned that, her government has done some good deeds like stabilising energy prices and such great feats is what she intends to continue with.
“Before we stepped in, people were facing energy bills of up to £6000; we’ve now put in place the energy price guarantee, we’ve reversed the National insurance increase and that’s what I’m thinking about as Prime Minister.”
Liz Truss
Why Liz Truss Apologised
The UK government’s mini-budget statement presented by then Chancellor, Kwesi Kwarteng on 23rd September, 2022 was heavily criticised by financial experts and the general public.
The budget which sought to cut down tax up to £45billion was criticised for giving a lot of tax allowances to the rich and posing the threat of wrecking the economy.
“Kwesi Kwarteng and Liz Truss’s mini-budget is a fiscal and moral outrage, because it ignores the extensive negative evidence from previous attempts to boost growth by giving handouts to the rich.”
Prof Alan Walker, University of Sheffield
“What a timid budget. If economic growth is to take off, the income tax bull must be grasped by the horn. All income tax for those on £50,000 or more must be scrapped forthwith. Only then will a vigorous entrepreneurial spirit blossom.”
Ivor Morgan, Resident Lincoln
Just like the critics feared, the budget brought serious financial turmoil in the Nation. The value of the British pounds fell massively, mortgage and interest rates increased as well.
The Bank of England was forced to step in; having to buy off government bonds to stabilise the financial market
Surprisingly, the International Monetary Fund (IMF) whose financial advisory role has often been towards developing and undeveloped Countries, issued a statement on the imminent dangers of UK’s mini-budget.
As the economic hardships the budget created surged, Prime Minister Liz Truss who had initially defended the budget on grounds of the effect of global factors like rising inflation and interest rates made a complete U-turn by sacking Chancellor Kwesi Kwarteng and changing significant aspects of the budget.
She scrapped off the planned rise in corporate tax from 19% to 25%. The move according to her was to raise about £18billion a year in revenue for the government.
It must be noted that Madam Truss won her bid to be tories leader and consequently Prime Minister by promising tax cut policies and a deregulated economy.
Liz Truss’ decision to sack Kwasi kwarteng while she herself remained in office for what can be described as ‘a joint mistake’ raised a lot of questions. But she has since claimed she did not leave office abruptly because she is “determined to see through what [she] promised.”
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