That is a rare statement from a top politician. In a contrite interview with the BBC on Monday night, Britain’s Prime Minister Liz Truss reiterated that she regrets her “mistakes” and believes she wants to “go too far too soon”. Six weeks after Liz Truss arrived at Downing Street, her tenure seems doomed after a series of humiliating reversals of her campaign promises.
“I will remain in my post to honor my commitments to the national interest,” she assured, estimating that she would still lead the party in the next election two years from now, where the opposition is the arch-favorite . “I acted quickly to correct these mistakes,” Liz Truss launched the address of her majority, where behind the scenes the maneuvers multiply to urge her to the exit.
His new Treasury Secretary Jeremy Hunt, hastily appointed on Friday after the market storm triggered by his predecessor Kwasi Kwarteng’s “growth plan”, is now in charge after weeks of market chaos that has threatened the country’s financial stability.
On Monday he presented the main lines of the medium-term budget project, which has to be fully presented on October 31st. Jeremy Hunt warned of “very tough” decisions involving future government spending cuts and tax hikes, and completely rejected Liz Truss’ original plan. However, Jeremy Hunt assured that the government would prioritize “helping the most vulnerable”.
Prime Minister with the shortest term in office?
Kwasi Kwarteng’s unveiling in late September of plans for massive tax cuts and colossal support for energy bills, which would not be fully quantified and financed by borrowing, had sparked fears of a slide in public accounts.
The pound had fallen to an all-time low and long-term government bond rates had skyrocketed, undermining pension funds and pushing up borrowing rates for households and businesses in an already struggling UK economy.
The Bank of England had to intervene to prevent the situation from deteriorating into a financial crisis, and the Monetary Fund had called for a course correction. With just 40 days in power, Liz Truss risks becoming the shortest-serving Prime Minister ever across the Channel.