British Prime Minister Liz Truss on Wednesday acknowledged the possibility of further “disruption” in financial markets as she introduces measures and reforms to stimulate economic growth.
In a closing speech to the Conservative Party’s annual conference, which opened in Birmingham on Sunday, Truss acknowledged some opposition to his views but championed the need to end “slippage and delay” on reforms.
“We have to do things differently. As we’ve seen in recent weeks, it’s going to be hard. Whenever there’s change, there’s disruption. Not everyone will be supportive. But everyone will benefit from the result — a growing economy and a brighter future.” We have a clear plan to achieve this,” he said.
According to Truss, the government should stop worrying about redistributing income and focus more on growing the economy because it understands that everyone will benefit this way.
‘For too long, the political debate has dominated how we make limited economic gains. Instead, we should grow the pie so that everyone gets a bigger piece. That’s why I’m determined to take a fresh approach and get us out of this high-tax, low-growth cycle.”
“This is our plan: to grow our economy and rebuild England through reforms. (…) Whenever there is change, there is disruption”, he stressed.
Still, he promised to keep public accounts in check, spend taxpayers’ money efficiently, and reduce public spending.
The speech was interrupted by opposition from two activists from the environmental group Greenpeace, whom Truss nominated as part of what he called an “anti-growth coalition”.
But Lis Truss has been a source of criticism among the Tories, in addition to opposition parties, environmentalists or unions.
Although he was elected Conservative Party leader and Prime Minister a month ago, the British press is already questioning how long he can last in office.
Dissatisfaction within the parliamentary committee has already forced the Truss to back down from abolishing the highest tax bracket (45%) on taxpayers, and there is internal conflict if it decides not to renew social support in line with the rate of inflation (9.9). % in August).
Former Work and Pensions Minister Esther McVey said the plan to cut subsidies in real terms was a “huge mistake” and even the government’s House of Commons leader, Benny Mordant, “made sense”. debt) is consistently linked to inflation.
Sep. 23 Many party members were still irritated by the turmoil caused by the “mini-budget”, which devalued the pound and raised interest rates on public debt, forcing the Bank of England to intervene.
In addition to a package to freeze energy prices for people and businesses, the plan also includes tax cuts estimated at 43 billion pounds (49 billion euros at current exchange rates), which will be paid for with public debt, but without details of how this would look. will be reduced in the future.
Even as the pound recovers and the situation stabilises, financial markets continue to expect a sharp rise in interest rates, which will hit issues such as home loans and complicate the cost-of-living crisis.
According to political scientist John Curtis, the uncertainty created in recent days has pushed the Conservative Party’s popularity back by an average of 25 percentage points in polls, the most in opposition since 2010.
“Can Liz Truss survive?” asked former BBC political editor Andrew Marr in The New Statesman, adding that “if there is no progress the unrelenting Conservative machine may oust him”.
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