UK Prime Minister Apologises for her wrong economical decisions
_Vinayak Barot
New Delhi: The Prime Minister of the United Kingdom – Liz Truss said ‘Sorry’ for making some ‘Economic Mistakes’. She apologized for her controversial mini-budget that crashed the country’s currency, rattled financial markets, and led to her firing her finance minister and closest political ally.
During an interview with the media, Truss insisted she would lead her Conservative Party into the next general election, despite her government being under huge pressure from investors and party members since the mini-budget was unveiled in late September.
On her economic decisions, she said, “I do want to accept responsibility and say sorry for the mistakes that have been made. I wanted to act to help people with their energy bills to deal with the issue of high taxes, but we went too far and too fast. I put in place a new chancellor with a new strategy to restore economic stability,”
On the questions of vision for Britain, she said, “We have to make sure though, that we have economic stability, and that has to be my priority as prime minister. I’ve acted in the national interest. I remain committed to the vision, but we will have to deliver that in a different way,”
“I see that the UK is facing very difficult circumstances at the moment, but I still believe in the ‘high growth, low tax’ formula,” said UK Prime Minister after accepting her economical mistakes. She used this formula to win Conservative Party leadership in early September.
Last Friday, Truss replaced Chancellor of the Exchequer Kwasi Kwarteng with Jeremy Hunt, a former cabinet minister of multiple briefs who has stood for the leadership twice. Jeremy Richard Streynsham Hunt is a British politician serving as Chancellor of the Exchequer since 14 October 2022.
According to Jeremy Hunt, “No government can control markets, but every government can give certainty about the sustainability of public finances. The United Kingdom will always pay its way,”
“I would reverse ‘almost all tax measures announced three weeks ago by his predecessor. The stunning reversal would raise £32 billion ($36 billion),” Jeremy Hunt said.
However, Markets have settled somewhat in recent weeks, though only after major intervention from the Bank of England, leaked rumors that the mini-budget would be abandoned, and reports – which proved true – that Kwarteng would be sacked.
The opposition Labour Party said Hunt’s statement highlighted how the government has made life harder for everyday people, as mortgage rates and other borrowing costs have spiked in recent weeks.
Constitutionally, the next general election does not need to take place until January 2025. There’s no guarantee that Truss will survive that long, though removing the Conservatives’ fourth leader in just over six years would be difficult in the short term due to party rules that protect her from a leadership challenge for the first year of her premiership.
The UK-based political and financial experts have expressed their views on the leadership of the country’s PM Liz Truss, and said, the UK may face more economical problems as Liz has not a quite well experience in finance, trade, and business.
After university, Truss worked in the energy sector, including for Shell, and telecommunications before entering politics a decade later.
She was a local councilor in southeast London for four years and became an MP in 2010, part of a new generation of women and minority candidates encouraged by then-party leader David Cameron.
