PM Liz Truss has admitted her mini-budget caused “disruption” and said the “Government is on your side.”
Her comments come after the government announced billions of pounds of tax cuts, causing the pound to slump, and forcing the Bank of England to step in to calm financial markets.
"The British taxpayer expects their government to work as efficiently and effectively as possible, and we will deliver on that expectation," he wrote in The Daily Telegraph. As Tories prepared to head to Birmingham for their annual conference, Liz Truss warned the country faced a "difficult winter" ahead as she indicated she had no plans to reverse her tax-cutting agenda.
The sell-off of sterling prompted fears that millions of mortgage holders could face crippling rises in their repayments as the Bank moves to ratchet up interest rates to shore up the currency and put a lid on inflation. The Prime Minister, however, insisted that Mr Kwarteng was right to cut taxes as part of their plan to drive up the UK's sluggish rate of economic growth.
She added: "What is important to me is that we are fair in the decisions we make, but most importantly that we help families and businesses at this very difficult time with their energy prices."
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