BIRMINGHAM, England (Archyde.com) – British Prime Minister Truss reaffirmed his “growth plan” on Monday, including big tax cuts, but said he should have done more “pavement”. He acknowledged that his response was somewhat hasty. Starting from this day, he responded to the BBC’s coverage in Birmingham, the venue of the convention of the ruling Conservative Party.
The series of economic policies announced by the Truss administration on the 23rd were not backed by concrete financial resources, causing market turmoil, causing the pound/dollar to temporarily hit a new low, and British bonds to plummet. It has caused confusion and has been criticized by investors and many economists.
Mr Truss stressed that the policy was in the right direction, but suggested that it did not adequately explain the depth of the problems facing the UK and the urgent need for drastic measures.
Ahead of the 2024 general election, Truss has pushed for public service budget cuts, rejecting a welfare budget expansion to fight inflation, while supporting tax cuts for the wealthy. There are also voices of concern regarding showing
“I understand their concerns regarding what happened this week,” Truss said when asked if he would do anything to mitigate the negative impact of the policies on mortgage borrowers. He showed a caring attitude.
However, despite the fact that it has only been in power for a short time, it was evident at the party convention that the government was already under severe scrutiny from the public. When the Minister of Business, Energy and Industrial Strategy, Jacob Reesmog, arrived at the venue, more than a dozen people yelled “Don’t come here” and had to be escorted by police.
Former cabinet minister Michael Gove has vehemently criticized plans to abolish the highest income tax bracket. “It will be very difficult to justify the argument that it is okay to cut the welfare budget while cutting taxes for the wealthy,” he said.
