Liz Truss acknowledged her UK government mishandled the announcement on cutting taxes which triggered a week of turmoil in financial markets, while insisting her approach is the correct one.
She also said the decision to remove the highest rate of income tax was taken by Chancellor of the Exchequer Kwasi Kwarteng and not put to her Cabinet.
“I do accept we should have laid the ground better; I’ve learned from that,” Truss told the BBC in Birmingham, where the ruling Conservative Party’s annual conference begins on Sunday. “I think we made the right decision to borrow more this winter to deal with the extraordinary circumstances we face.”
Truss’s plan for a massive package of unfunded tax cuts roiled markets, driving the pound to a record low and forcing the Bank of England to intervene to prevent a bond market meltdown.
Amid the fallout, support for the Tories has tanked in opinion polls, with YouGov putting the opposition Labour Party 33 points ahead.
A survey by the Observer newspaper showed three-quarters of UK voters, including 71 percent of those who backed the Tories in the last election, believe Truss and Chancellor of the Exchequer Kwasi Kwarteng have “lost control of the economy.”
Cutting the top rate of income tax for the highest earners is proving especially toxic, given ministers have also indicated that the government’s plans will require department to find cost-savings.
That has angered Tory MPs, who fear it plays into the hands of Keir Starmer’s Labour.
“I believe in getting value for money for the taxpayer, she said. Asked if she is committed to cutting the top rate of income tax, she replied: “Yes.”
UK interior minister Braverman says Britain has ‘too many low-skilled’ migrantsBritain has too many low-skilled migrant workers and very high numbers of international students, who often brought dependents with them, the ... World News
UK to face severe rail disruption as strikes resumeA 24-hour walkout by railway staff in Britain on Saturday was set to create severe disruption as strikes resumed following the mourning period for ... World News
UK PM Liz Truss meets Danish counterpart, discusses Nord Stream ‘sabotage’British Prime Minister Liz Truss met her Danish counterpart Mette Frederiksen on Saturday and discussed what they agreed was “sabotage” to the Nord ... World News
UK’s Royal Mint reveals coin portrait of King Charles IIIBritain's Royal Mint on Friday unveiled the official effigy of King Charles III that will appear on coins following his accession to the throne.The ... World News
UK economy grew in Q2 but was below pre-pandemic sizeBritain's economy grew in the second quarter but was still below its pre-pandemic peak, contrary to earlier estimates that it had recovered, according ... Economy
UK PM Truss defends tax cuts despite market turmoilUK Prime Minister Liz Truss on Thursday defended her tax cuts policy, despite it triggering market turmoil and forcing a Bank of England intervention ... Economy
UK markets lost $500 billion since Liz Truss took over as PMThe UK’s stock and bond markets have lost at least $500 billion in combined value since Liz Truss took over as Prime Minister, with investor ... Economy
UK government borrowing swells ahead of new PM Truss’ tax cut programThe UK government borrowed almost twice as much as officially forecast in August, raising questions about the sustainability of the public finances ... Economy
Britain’s Truss faces whirlwind week as politics resumes after queen funeralBritish politics returns to center stage on Tuesday after the funeral of Queen Elizabeth, with Prime Minister Liz Truss signaling her priorities by ... World News