British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a bid to stay in power and survive the market and political turmoil gripping the country. Read full story
Below are some of the key quotes from Truss’s news conference:
ON HER MISSION
“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.”
“We recognise because of current market issues. We have to deliver the mission in a different way.”
ON CORPORATION TAX
“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 per year.”
ON SPENDING
“Our public sector will become more efficient and deliver world class services for the British people. And spending will grow less rapidly than previously planned.”
ON MINI BUDGET
“It is clear that parts of our mini budget went further and faster than markets were expecting. So the way we are delivering our mission right now has to change. We need to act now to reassure the markets of our fiscal discipline.”
ON DEBT
“We will do whatever is necessary to ensure debt is falling as a share of the economy in the medium term.”
ON ECONOMIC STABILITY
“I have acted decisively today because my priority is ensuring our country’s economic stability. As prime minister, I will always act in the national interest. This is always my first consideration.
“I want to be honest, this is difficult. But we will get through this storm.”
ON NEW FINANCE MINISTER JEREMY HUNT
“He’s one of the most experienced and widely respected government ministers and parliamentarians and he shares my convictions and ambitions for our country.
“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.”
