UK’s Liz Truss defends ‘controversial’ plan amid economy worries
Fast News
The Prime Minister says her government has to take urgent and decisive action, including “difficult decisions”, to get the British economy moving.
(Reuters)
British Prime Minister Liz
Truss has defended her economic plan that has roiled financial
markets, saying she is willing to take
“controversial” steps to reignite growth and will not reverse
course despite the turmoil.
“This is the right plan that we’ve set out,” she said on Thursday in
a series of interviews with local BBC radio stations.
Asked if she would reverse the mini budget that shocked
markets with the scale of its tax cuts and government borrowing,
Truss said: “I don’t accept the premise of the question.”
“We are facing difficult economic times. I don’t deny
this. This is a global problem. But what is absolutely right is
the UK government has stepped in and acted at this difficult
time.”
Finance Minister Kwasi Kwarteng sparked turmoil in
financial markets last week when he delivered a plan to cut
taxes without detailing the impact on the public finances or how
the government would reform the economy to spur growth.
The pound sank and British government bond yields
soared, forcing the Bank of England to revive its bond-buying
programme in an emergency move on Wednesday to shore up pension
funds.
Truss said the government had to take urgent and
decisive action to protect households and businesses from
surging energy bills.
“Of course, that means taking controversial and
difficult decisions. But I’m prepared to do that as prime
minister because what’s important to me is that we get our
economy moving.”
READ MORE:
UK’s Truss freezes energy bills in first big policy shift
Source: Reuters
Fast News
The Prime Minister says her government has to take urgent and decisive action, including “difficult decisions”, to get the British economy moving.
(Reuters)
British Prime Minister Liz
Truss has defended her economic plan that has roiled financial
markets, saying she is willing to take
“controversial” steps to reignite growth and will not reverse
course despite the turmoil.
“This is the right plan that we’ve set out,” she said on Thursday in
a series of interviews with local BBC radio stations.
Asked if she would reverse the mini budget that shocked
markets with the scale of its tax cuts and government borrowing,
Truss said: “I don’t accept the premise of the question.”
“We are facing difficult economic times. I don’t deny
this. This is a global problem. But what is absolutely right is
the UK government has stepped in and acted at this difficult
time.”
Finance Minister Kwasi Kwarteng sparked turmoil in
financial markets last week when he delivered a plan to cut
taxes without detailing the impact on the public finances or how
the government would reform the economy to spur growth.
The pound sank and British government bond yields
soared, forcing the Bank of England to revive its bond-buying
programme in an emergency move on Wednesday to shore up pension
funds.
Truss said the government had to take urgent and
decisive action to protect households and businesses from
surging energy bills.
“Of course, that means taking controversial and
difficult decisions. But I’m prepared to do that as prime
minister because what’s important to me is that we get our
economy moving.”
READ MORE:
UK’s Truss freezes energy bills in first big policy shift
Source: Reuters
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