British Prime Minister Liz Truss urged her Conservative Party on Wednesday to trust her, vowing to guide Britain through “stormy days” and transform its economy as it seeks to restore authority over a revolting party. after a chaotic first month in office.
Addressing lawmakers and members of the Conservative Party at an annual conference overshadowed by infighting and political confusion, Truss sought to reassure investors that his plan will reignite growth and unite a divided country.
“We come together at a vital time for the UK. These are stormy days,” she said, referring to the Covid-19 pandemic, the war in Ukraine and the death of Britain’s longest-serving monarch, Queen Elizabeth.
“In these difficult times, we need to step up. I am determined to get the UK moving, to weather the storm and put us on a stronger footing.”
The conference, once expected to be Truss’ coronation after she became prime minister on Sept. 6, turned into a personal nightmare after she announced a new economic policy that sparked a crisis of confidence among investors.
His attempt to cut 45 billion pounds ($51 billion) in taxes and increase government borrowing has slammed markets and left his party facing a possible electoral collapse.
Forced to reverse the elimination of the maximum tax rate, Truss was then openly challenged by lawmakers and ministers on other policy areas, in stark contrast to the sense of discipline displayed last week at a conference by the opposition Labor Party, which now holds clear leadership in opinion polls.
“Reducing taxes is the right thing to do, morally and economically,” Truss said, adding that the scale of the challenge ahead is “immense.”
His reversal of the maximum tax rate has emboldened sections of his party that must now resist spending cuts as the government looks for ways to finance the overall fiscal program.
Some lawmakers fear Truss will break a pledge to increase benefit payments in line with inflation, something they argue would be inappropriate at a time when millions of families are struggling with the cost of rising prices.
While markets have largely stabilized after the Bank of England stepped in to bolster the bond market, even as the cost of borrowing has risen, opinion polls now point to an electoral collapse for the Conservatives.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
