British Prime Minister Liz Truss stuck to her guns on Wednesday for her first meeting with MPs in Westminster since her government's budget announcements at the end of September sparked panic in the markets.< /strong>
Conservative Liz Truss, who succeeded Boris Johnson on September 6, was beaten by the Labor opposition during this session, during which Labor leader Keir Starmer called the government's budget measures a “kamikaze”.
Liz Truss, very unpopular and also divisive within her party, ruled out early elections. “The last thing we need is a general election,” she said, as Labor has a huge lead in the polls. Elections are due in two years.
She also said she would not cut public spending to fund her controversial tax cuts.
Almost 600,000 people have signed a petition calling for an early general election after the disastrous economic mess made by Liz Truss' government.
Matt Western MP challenged her on this today. Please sign to add your voice if you want the Tories out: https://t.co/BUUXLIh5gJ https://t.co/EY5FLMoiu1
— Sarah Champion (@SarahChampionMP) October 12, 2022
“We have taken decisive action,” defended the Prime Minister. “We are protecting our economy,” she continued, sparking laughter in the opposition. “As a result of our action… we will see stronger growth and lower inflation.”
The UK is in the throes of a severe cost of living crisis, with a inflation close to 10%, the highest among the G7 countries. The economy slowed in August, with gross domestic product falling by 0.3%, the Office for National Statistics (ONS) said on Wednesday.
“We have taken decisive measures so that people are not faced with energy bills of 6,000 pounds (6,830 euros)” per year, repeated Liz Truss, a measure hammered into each of her speeches. At the beginning of September, the government froze energy prices for individuals, at 2,500 pounds (more than 2,800 euros) on average for a household.
London is facing an episode of severe financial instability which is hitting the UK debt market and driving up government borrowing rates.
Markets were panicked by the government's massive budget announcements in late September, with unclear funding, and s ' in the opposite direction of the action of the Bank of England which tries to curb inflation by raising interest rates.
“In the medium term, the debt will come down”, affirmed the prime minister. “But we will do this not by cutting public spending, but by ensuring that we spend public money well”.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128