Liz Truss announced a U-turn on her mini-budget at a press conference this afternoon.
The move came hours after the Prime Minister sacked the Chancellor who delivered the mini-budget weeks prior.At today’s conference Ms Truss confirmed she was abandoning a number of plans set out by Mr Kwarteng in his mini-budget.Liz Truss opened her press conference by saying her conviction for growth is rooted in her personal experiences.
“I know what it’s like to grow up somewhere that isn’t feeling the benefits of growth. I saw what that meant. And I’m not prepared to accept that for our country. I want a country where people can get good jobs, new businesses can set up and families can afford an even better life.The Prime Minister’s key pledge to scrap the planned increase in corporation tax from 19% to 25% will be one of the measures cut was the first U-turn made by Ms Truss.
However, in her conference, Ms Truss said: “It is clear that parts of our mini-budget went further and faster than markets were expecting so the way we are delivering our mission right now has to change.”“I was incredibly sorry to lose him.“Today, I have asked Jeremy Hunt to take over as Chancellor – he is one of the most experienced and widely respected Government ministers and parliamentarians.
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