British Prime Minister Liz Truss said she wants a “low tax, high growth economy” after firing her finance minister Kwasi Kwarteng on Friday.
“I want to deliver a low tax, high wage, high growth economy. It is what I was elected by my party to do, that mission remains,” she told reporters in a news conference.
“We recognize because of current market issues. We have to deliver the mission in a different way.”
“We need to act now to reassure the markets of our fiscal discipline. I have therefore decided to keep the increase in corporation tax that was planned by the previous government. This will raise 18 billion pounds ($20.15 billion) per year,” she said.
Regarding spending, Truss said the public sector in the country would become more efficient and deliver world-class services to the people, but spending would grow less rapidly than previously planned.
The prime minister continued by saying that parts of the mini-budget went faster than markets were expecting, so the government would have to change the way it is delivering its mission:
“We need to act now to reassure the markets of our fiscal discipline.”
Truss also said the government would do whatever is necessary to decrease debt.
She justified the sacking of the minister by saying that she prioritizes ensuring the country’s economic stability and that she would always act in the national interest.
“I want to be honest, this is difficult. But we will get through this storm.”
Praising the new Chancellor of the Exchequer Jeremy Hunt, Truss said he shares her ambitions for Britain.
“He will deliver the medium-term fiscal plan at the end of this month.” He will see through the support we are providing to help families and businesses, including our energy price guarantee that’s protecting people from higher energy bills this winter. “
(curtesy Daily Saba)