Truss talks about market stagnation and plans to reduce taxes

British Prime Minister Liz Truss broke her silence on Thursday after nearly a week of turmoil in financial markets over her plans to cut taxes, saying she was ready to make “controversial” decisions to re-stimulate growth.

A day after the Bank of England renewed its bond-buying program in an emergency move to protect pension funds from a possible partial collapse, Truss blamed the turmoil on the Russian invasion of Ukraine, which sent inflation soaring around the world.

According to “Reuters”, she said in a series of interviews with the BBC, “We had to take urgent measures to get our economy to grow and Britain to move and deal with inflation, and this of course means making difficult and controversial decisions … but I I am ready as prime minister to do that because what is important to me is that we get our economy moving.”

Truss became prime minister on September 6, after winning the leadership of the ruling Conservative Party, vowing to cut taxes.

British government bond yields, which had surged after Finance Minister Kwasi Koarting unveiled its fiscal plan on Friday, rose again in early trading on Thursday to reverse the decline on Wednesday when the Bank of England announced its emergency plan.

The pound sterling fell about 1% against the dollar, to fall in September to more than seven percent, almost twice the decline of the euro against the dollar.

“That’s the right plan that we’ve put in place,” Truss added. She added that this plan will put the British economy on a better path in the long term.

Asked in an interview if it was time to reverse the mini-budget, Truss said, “No, because … most of the package that we announced on Friday was about energy subsidies for individuals and businesses and I think that was exactly the right thing to do.” “