UK Prime Minister Liz Truss defended her tax-slashing plans on Thursday but vowed to 'get borrowing back on track', after nearly a week of silence when markets tanked and the Bank of England was forced into an emergency intervention.
LONDON - UK Prime Minister Liz Truss defended her tax-slashing plans on Thursday but vowed to "get borrowing back on track", after nearly a week of silence when markets tanked and the Bank of England was forced into an emergency intervention.
"It's important the United Kingdom's on the front foot, that we are pulling all the levers we can to drive economic growth. That is what we are pushing ahead with." UK markets remain highly volatile, with the central bank intervening on Wednesday to buy government bonds in order to prevent a "material risk" to stability.
But it also signalled that it would wait until its next policy meeting on November 3 before fully assessing the impact of the government's contentious plans. Truss defended her fiscal policy, which includes a cut to the top rate of income tax, arguing the UK currently had its highest tax burden in 70 years.
But former BoE chief Mark Carney said the government had "undercut" financial institutions with its actions.
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