United Kingdom PM Liz Truss 'sorry' for economic 'mistakes' but vows to stay on

LONDON: UK Prime Minister Liz Truss on Monday (local time) apologized for going "too far too fast" with reforms that caused investor confidence to evaporate and her poll ratings to plunge, however, she vowed to stay on and lead Tories into next election.

In an interview with UK-based media, Truss said, "I do want to accept responsibility and say sorry for the mistakes that have been made... we went too far and too fast," reported The Straits Times. However, she said that she was "completely committed to delivering for this country" despite questions over who was now in control of government policy, she told. Her government on Monday axed almost all of its debt-fuelled tax cuts unveiled last month to avert fresh market chaos.

Finance Minister Jeremy Hunt, who was appointed on Friday after Truss sacked her close ally Kwasi Kwarteng, jettisoned the remaining major planks of her tax-cutting agenda on Monday, including scaling back her vast energy support scheme.

Asked if she was now prime minister in name only, Truss said she had appointed Hunt because she knew she had to change direction, reported Australian daily, The Islander.

The shock move by new finance chief Jeremy Hunt - parachuted into the job on Friday to replace sacked Kwasi Kwarteng - leaves Truss' position in a precarious state, with Conservative MP Roger Gale saying that Hunt was "de facto prime minister".

Hunt estimated the tax changes would raise about Pound 32 billion per year after economists estimated the government faced a Pound 60 billion black hole. He also warned of tough spending cuts, reported The Straits Times. (ANI)

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