Former Deputy National Security Advisor Victoria Coates reacts to U.K. Prime Minister Liz Truss’s reversing her stance on tax cuts on ‘Cavuto: Coast to Coast.’
British Prime Minister Liz Truss apologized for threatening the country’s economic stability after the U.K.’s new Treasury chief reversed most of the tax cuts and spending plans she announced less than a month ago.
In a Monday interview on the BBC, Truss said she was sorry for going “too far and too fast” with the economic plan.
“I do want to accept responsibility and say sorry for the mistakes that have been made,” she said.
“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,” Truss explained.
UK’S LIZ TRUSS ABANDONS TAX CUTS, AXES FINANCE CHIEF
While a spokesman for the prime minister said she and Chancellor of the Exchequer Jeremy Hunt had agreed on the economic changes, Hunt told Conservative lawmakers that Truss “backed him to the hilt in making difficult decisions.”
British Prime Minister Liz Truss makes a press statement after a meeting of the European Political Community at Prague Castle on Oct. 6, 2022, in Prague, Czech Republic. ((Photo by Alastair Grant – Pool/Getty Images) / Getty Images)
The prime minister said she was “sticking around” and that she would lead the Conservatives into the next election, although the statement was accompanied by a laugh.
Markets are still under strain after the policies that triggered a financial crisis and emergency central bank intervention.
Screen grab of Chancellor of the Exchequer Jeremy Hunt (centre), along side the Leader of the House of Commons Penny Mordaunt (left) and the Prime Minister Liz Truss, speaking in the House of Commons, London. Picture date: Monday October 17, 2022. ((Photo by House of Commons/PA Images via Getty Images) / Getty Images)
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Hunt was appointed Friday after Truss fired his predecessor Kwasi Kwarteng, who spent less than six weeks in the Treasury job.
Britain’s Chancellor Kwasi Kwarteng leaves 11 Downing Street in London, Friday, Sept. 23, 2022. The Chancellor will deliver a mini budget in parliament. (AP Photo/Kirsty Wigglesworth) (AP Photo/Kirsty Wigglesworth / AP Newsroom)
He has already refused to guarantee the budgets of several departments, as well as previous policies.
After just six weeks, a handful of lawmakers have called on Truss to quit, fearing they would lose their own jobs.
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Truss won 57% of members’ votes to become the leader of the governing Conservative Party on Sept. 5.
The next day, she was appointed prime minister.
Reuters and The Associated Press contributed to this report.
