“Sorry for My Mistake… Went Too Far Too Fast”: Truss on Tax Cut Fiasco
London: Embattled UK Prime Minister Liz Truss on Monday night in a media interview apologized for her Tax Policy U-turn imposed three weeks ago. Finance Chief Jeremy Hunt, who recently replaced Kwasi Kwarteng clearly mentioned to the parliament that he and the PM had a discussion on the reversal of almost all tax measures announced. The chancellor also announced the constitution of an economic advisory council, featuring four experts outside of government.
Truss on Monday night said, “I recognise we have made mistakes. I am sorry for those mistakes, but I fixed those mistakes.” With rebellious voices within her party growing louder in recent days, the Tory leader insisted that she remains focussed on her economic growth mission of “delivering for the British people”.
On her tax-cutting Growth Plan, delivered by her now-sacked former Chancellor Kwasi Kwarteng and since completely reversed, she explained: “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’ve acknowledged that.” She was speaking at the end of another packed day when the new finance minister, Jeremy Hunt, made an emergency fiscal statement to cancel almost all the tax cuts announced in last month’s mini-budget.
Truss fired Kwasi on Friday after their recent tax sharing budget sent bond yield spiking and the Pound collapsed to a record Dollar low fueling rocketing UK debt and speculating her political future within a month. Hunt’s action on Monday sent the Pound soaring against the opponent Dollar and Euro, while bond yields dipped.