PM Liz Truss has admitted her mini-budget caused “disruption” and said the “Government is on your side.”
Her comments come after the government announced billions of pounds of tax cuts, causing the pound to slump, and forcing the Bank of England to step in to calm financial markets.
"The British taxpayer expects their government to work as efficiently and effectively as possible, and we will deliver on that expectation," he wrote in The Daily Telegraph. As Tories prepared to head to Birmingham for their annual conference, Liz Truss warned the country faced a "difficult winter" ahead as she indicated she had no plans to reverse her tax-cutting agenda.
The sell-off of sterling prompted fears that millions of mortgage holders could face crippling rises in their repayments as the Bank moves to ratchet up interest rates to shore up the currency and put a lid on inflation. The Prime Minister, however, insisted that Mr Kwarteng was right to cut taxes as part of their plan to drive up the UK's sluggish rate of economic growth.
She added: "What is important to me is that we are fair in the decisions we make, but most importantly that we help families and businesses at this very difficult time with their energy prices."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liz Truss interviews: Five key exchanges with prime ministerThe PM's reaction was keenly awaited after a dramatic week which saw a mini-budget and the pound slump.
Read more »
What Prime Minster Liz Truss told BBC Radio Leeds as she defended budget measuresLiz Truss has defended Chancellor Kwasi Kwarteng's mini-budget saying 'urgent action' was needed to protect the country from rising energy bills and to get the economy growing.
Read more »
Prime Minister Liz Truss defends economic strategy despite fiscal chaos after mini-budgetThe prime minister continues to insist her government has taken the right action to tackle inflation, inspire growth and see off large energy bills.
Read more »
Meet Liz Trussell: The Woman Everyone On Twitter Thinks Is The Prime MinisterEven the Royal Family and Sweden’s prime minister have mistakenly messaged her. Read more on Grazia.
Read more »
'We had to take urgent action': PM defends mini-budget despite financial turmoilPrime Minister Liz Truss has doubled down on last week's fiscal statement after it sparked financial turmoil and triggered a £65bn pensions bailout by the Bank of England.
Read more »