Liz Truss choose to apologize for going “too far too fast” on reforms that triggered economic turmoil for Britain and led to over 100 Tory MPs expressing no confidence in the Truss government. But her apologies failed to calm the dissatisfaction.
• Liz Truss withdrew the tax cuts unveiled last month
• Jeremy Hunt is made the new finance chief replacing Kwasi Kwarteng
• The opposition Labor Party held the ruling Tory Party for the chaos
What Did Liz Truss Say In Her Defense?
An embattled Truss appeared defensive while offering her apologies for the quick economic decisions her government took to contain the economic situation of the country.
She told the BBC that she wanted to accept responsibility and say sorry for the mistakes that had been made. She accepted that her government went too far and too fast on the economic reforms. She further maintained that she was committed to delivering for the country.
What Were Those Economic Reforms?
Jeremy Hunt was brought in to undo the economic reforms started by sacked finance chief Kwasi Kwarteng. And Hunt scrapped the plans to reduce the lowest income tax. He even curbed the government’s flagship energy price freeze till April after which the government will review the energy support package. Hunt also met the governor of the Bank of England, Andrew Bailey, and the head of the Debt Management Office for talks over tax reforms.
What Do Experts Call The New Economic Reforms?
The tax-slashing platform on which Liz Truss was elected Tory leader on Monday is called Trussonomics by analysts. Laura Suter, head of personal finance at stockbroker AJ Bell, said that Monday’s election was the death knell for Trussonomics as most of her tax-cutting plans were trashed to the bin.
Hunt will unveil his medium-term fiscal plan in two weeks. Also, he will present independent economic forecasts from the Office for Budget Responsibility. But the opposition Labor Party is holding the Tory Party responsible for the mess. Labor Party finance spokeswoman Rachel Reeves called the mess a Tory crisis made in Downing Street but the common men were paying the price.