Sunday, September 14, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

UK’s Truss vows to listen as she reels from policy U-turns

by Euro Times
October 4, 2022
in World
Reading Time: 3 mins read
A A
0
Home World
Share on FacebookShare on Twitter


BIRMINGHAM, England — British Prime Minister Liz Truss has insisted she is leading “a listening government” that learns from its mistakes, as she tries to restore her shaky authority and reassure financial markets spooked by her government’s see-sawing economic pledges.

Truss told the BBC in an interview broadcast Tuesday that she and her ministers were determined to “reflect on how we could have done things better.”

“Is everything the government (has) done absolutely perfect? No it’s not,” she said. “I fully acknowledge that. And we have learned from the feedback we’ve received.”

That “feedback” has been dramatic: Truss’ four weeks in office have seen the pound plunge to record lows against the dollar, the Bank of England take emergency action and the opposition Labour Party surge to record highs against her Conservatives in opinion polls.

Now Truss also faces a battle with her party over her economic plans, with some lawmakers warning they will oppose any attempt to slash welfare benefits to help pay for lower taxes.

Truss is on a mission to reshape Britain’s economy through tax cuts and deregulation in a bid to end years of sluggish growth. But she is trying to ride out a series of U-turns over her first big policy: a stimulus package that includes 45 billion pounds ($50 billion) in tax cuts, to be paid for by government borrowing. Its announcement on Sept 23 sent the pound tumbling to a record low against the dollar and increased the cost of government borrowing.

The Bank of England was forced to intervene to prop up the bond market and stop a wider economic crisis. Fears that the bank will soon hike interest rates caused mortgage lenders to withdraw their cheapest deals, causing turmoil for homebuyers.

Under political and financial pressure, the government on Monday scrapped the most unpopular part of its budget package, a tax cut on earnings above 150,000 pounds ($167,000) a year. That saves about 2 billion pounds, a small share of the government’s 45 billion-pound tax-cutting plan — and it’s unclear how the rest will be paid for.

Treasury chief Kwasi Kwarteng has also promised to publish a fully costed fiscal plan, alongside an economic forecast from the independent Office for Budget Responsibility. Initially that was due to come Nov. 23, but mounting pressure means it’s likely to arrive weeks sooner.

What Kwarteng on Monday called the “hullabaloo” over the government’s plans has cast a shadow over the Conservatives’ annual conference in the central England city of Birmingham, where many delegates express fears that the party, in power since 2010, is headed for defeat in the next election.

The party has a commanding majority in Parliament but is fractious after three years of scandal under former Prime Minister Boris Johnson, followed by a divisive leadership contest between Truss and former Treasury chief Rishi Sunak. Sunak warned during his losing campaign that Truss’ plan to fund tax cuts through borrowing would undermine both the government’s economic credibility and the nation’s finances.

Truss says her policies will bring economic growth, higher wages and eventually more tax revenue for the government to spend. But critics say the plans do little to help millions of people who are struggling right now with a cost-of-living crisis fueled by soaring energy prices.

Truss said she was “very committed to supporting the most vulnerable,” pointing to a cap on energy prices that took effect Oct. 1.

However, she refused to promise benefits and state pensions would increase in line with inflation, which has been the practice for years.

“We are going to have to make decisions about how we bring down debt as a proportion of GDP in the medium term,” Truss said. “We have to be fiscally responsible.”

Conservative lawmakers — including government ministers — warned Truss that they would oppose a real-terms cut in welfare benefits.

“I have always supported, whether it’s pensions, whether it’s our welfare system, keeping pace with inflation. It makes sense to do so,” said Penny Mordaunt, the leader of the House of Commons.

“That’s what I voted for before and so have a lot of my colleagues,” Mordaunt told Times Radio.



Source link

Tags: ListenPolicyReelsTrussUKsUturnsvows
Previous Post

UNCTAD warns that Asia, global economy headed for a recession

Next Post

Movado Group: Conservative But Stable Growth (NYSE:MOV)

Related Posts

Russian large-scale exercises draw skepticism from analysts

Russian large-scale exercises draw skepticism from analysts

by Dylan Malyasov
September 14, 2025
0

Russian analysts and pro-military commentators are brazenly criticizing the nation’s newest Zapad 2025 army workout routines, accusing the nation’s Ministry...

Has Israel gone rogue? | Israel-Palestine conflict

Has Israel gone rogue? | Israel-Palestine conflict

by Euro Times
September 14, 2025
0

Marc Lamont Hill discusses Israel’s strike on Doha and what it means for Gaza ceasefire negotiations.This week, Israel launched an...

Gaza Famine Death Toll Rises to 420, Including 145 Children

Gaza Famine Death Toll Rises to 420, Including 145 Children

by Author
September 13, 2025
0

https://sputnikglobe.com/20250913/gaza-famine-death-toll-rises-to-420-including-145-children-health-ministry-1122779535.htmlGaza Famine Demise Toll Rises to 420, Together with 145 Youngsters - Well being MinistryGaza Famine Demise Toll Rises to...

Nato F-16 jets scrambled after Russian drones enter Romanian airspace

Nato F-16 jets scrambled after Russian drones enter Romanian airspace

by Georgie English
September 14, 2025
0

NATO has been pressured to scramble its F-16 fighter jets after a Russian assault breached Romanian airspace.The nation's defence ministry...

Let people decide whether they want to be ruled by ‘disciples of Bandera’ – Roger Waters — RT World News

Let people decide whether they want to be ruled by ‘disciples of Bandera’ – Roger Waters — RT World News

by RT
September 13, 2025
0

Referendums needs to be held in Ukraine and the brand new Russian areas to settle all territorial disputes, the legendary...

Second pool hall shooting in less than a month kills 7 people Ecuador

Second pool hall shooting in less than a month kills 7 people Ecuador

by ABC News
September 14, 2025
0

QUITO, Ecuador -- A capturing by a legal gang at a pool corridor in northern Ecuador killed at the least...

Next Post
Movado Group: Conservative But Stable Growth (NYSE:MOV)

Movado Group: Conservative But Stable Growth (NYSE:MOV)

Ectopic pregnancy treatments can be pricy and complex, even in liberal states : Shots

Ectopic pregnancy treatments can be pricy and complex, even in liberal states : Shots

Vibe coding has turned senior devs into ‘AI babysitters,’ but they say it’s worth it

Vibe coding has turned senior devs into ‘AI babysitters,’ but they say it’s worth it

September 14, 2025
BSE seeks further tightening in SME IPO rules

BSE seeks further tightening in SME IPO rules

September 14, 2025
Businesses Are Putting 22% Of Their Profit In Bitcoin, Report Says

Businesses Are Putting 22% Of Their Profit In Bitcoin, Report Says

September 14, 2025
Fox News host apologizes for proposing lethal injections for mentally ill homeless people

Fox News host apologizes for proposing lethal injections for mentally ill homeless people

September 14, 2025
Russian large-scale exercises draw skepticism from analysts

Russian large-scale exercises draw skepticism from analysts

September 14, 2025
VYMI Vs. VYM: International High Yield Stocks Offer Better Value But Larger Risk (VYMI)

VYMI Vs. VYM: International High Yield Stocks Offer Better Value But Larger Risk (VYMI)

September 14, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Vibe coding has turned senior devs into ‘AI babysitters,’ but they say it’s worth it

BSE seeks further tightening in SME IPO rules

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In