UK Prime Minister Liz Truss has apologised for the “mistakes” she made over the ill-fated tax-cutting plan, but has insisted she still intends to lead the Conservative Party into the next general election.
Truss became prime minister on Sept. 5, but her position has been weakened after her “mini-budget,” which included £45 billion ($50 billion) of unfunded tax cuts, spooked the financial markets, causing the pound to fall and borrowing costs to soar.
In a BBC interview on Monday night, Truss apologised for the “mistakes” over the mini-budget.
She said she has “adjusted what we’re doing,” replacing her ally Kwasi Kwarteng with former leadership rival Jeremy Hunt as chancellor with a fresh strategy to “restore economic stability.”
“I do think it is the mark of an honest politician who does say, yes, I’ve made a mistake,” she said.
She said she wanted 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’ve acknowledged that,” she said.
Waning Support
Following Tuesday’s Cabinet meeting, Downing Street insisted the Cabinet fully supported the prime minister.Asked whether Truss was concerned about ministers discussing replacing her, the prime minister’s official spokesman said: “Her view is she needs to be focused on what is right for the country rather than on any internal discussions among the party at the moment. She is conscious that these are globally difficult times and the UK is in a difficult situation economically.”
But five Tory MPs have openly called for her to go, with Sir Charles Walker becoming the latest to make the case for her exit.
He told Sky News: “I think her position is untenable. She has put colleagues, the country, through a huge amount of unnecessary pain and upset and worry.”
The situation “can only be remedied” with a new prime minister, he said.
The main opposition Labour Party, which now enjoys a comfortable lead in opinion polls, said the Conservatives’ economic credibility is in ruins.
Labour leader Sir Keir Starmer told the BBC: “They’ve now landed where they’ve got no economic policy and credibility is shot through.
“In the end the markets are about confidence and credibility, and this government has absolutely shot their credibility on economics, and I don’t think they can ever stand up before the British public again and say that we’re the party of sound money … they’ve absolutely shot that to pieces.”
