Liz Truss forced to admit wrongdoing as UK economy tanks

Liz Truss forced to admit wrongdoing for her government’s so-called “mini budget”.

On Friday, the UK prime minister announced taxes will be cut by 45 billion pounds, in a bid to get the nation’s economy moving again.

The package will see the highest rate of income tax for top earners slashed from 45 per cent to 40 per cent.

It will also see a big increase in government borrowing to lower energy prices for millions of struggling residents and businesses.

The announcement saw the cost of government borrowing jump and mortgage rates spike in the UK, with the pound also tumbling to historic lows.

Truss concedes her government “should have laid the ground better”, before setting out its plan to cut taxes.

“I’ve learned from that, and I’ll make sure I’ll do a better job of laying the ground in the future,” Truss said.

Speaking to the BBC, Truss wanted to tell people that she “understands their worries about what happened this week”, adding “I stand by the package we announced and I stand by the fact we announced it quickly.”

“We’re not living in a perfect world, we are living in a very difficult world, where governments around the world are taking tough decisions,” Truss said.