Liz Truss says she’s sorry and is facing massive spending cuts to balance her books.

Truss said she regrets the mistake, says she is sticking to the economic agenda that caused the market to lose, and some Conservative lawmakers have called for her to resign. Implement a massive tax cut plan and instead launch a “noticeable” public spending cut program. After weeks of accusing the market and “global headwinds” of investors dumping pound and treasury bonds, Truss said she regretted taking on too much. The market, which has plummeted since her “mini-budget” on Sept. 23, is still under tension after Truss’ finance minister Jeremy Hunt scrapped her plans. On Monday, she is fighting for her survival just six weeks after becoming prime minister. Register now. Register for Unlimited Access to Reuters.com Register Now.Truss’ apology g Revolts from a handful of lawmakers from her ruling Conservative Party, urging her to resign. Dozens are afraid of losing their jobs in the next election, and even one of her ministers has said she can’t afford to make her mistake anymore. Hunt has already rejected budget guarantees from ministries like health and defense, and her new YouGov poll shows that even Conservative lawmakers who supported her as prime minister are thinking of reconsider. Truss said more than half of the lawmakers polled said they should resign and wanted her predecessor, Boris Johnson, to replace him. “I wanted to act to help people with their energy bills and tackle their high taxes,” the BBC said late on Monday, but it was too hasty and too fast. She is “staying around,” and her statement was accompanied by laughter, but added that she would lead the Conservatives in the next election, scheduled about two years later. Truss quietly watched in Congress on Monday as Hunt demolished her proposed economic plan. In less than a month, the panic in the bond market was so deep that the Bank of England had to take action to prevent the pension fund from collapsing. She had little confidence to fight. The Daily Mail, which welcomed Truss’ plans, ran her front page on Monday as she leaves Congress under the headline “In office but not in power.” The Sun newspaper also called her her Ghost PM. “. Armed Forces Secretary James Heappey said his boss Truss could no longer afford to make mistakes. Truss held a meeting of his cabinet team on Tuesday and was due to tell his members later. Before announcing its full fiscal plan, some close to the government urged the government to withhold moves to oust her. Truss was elected by a Conservative MP, rather than a broad electorate, with promises to cut taxes and regulations. They tried to revive the economy with a policy they call a return to eclipse “fall-out” economics, but the market reacted so dramatically that borrowing costs skyrocketed, lenders withdrew mortgage offers, and pension funds were in trouble. He said the Financial Times report that the new government bond sale had been delayed was not accurate: the fact that senior officials are likely to make a decision that a delay is necessary after the FT has determined that the gold market has been “very difficult” in recent weeks. car crash” criticized the country’s decision to leave the European Union in 2016. Spending pressure With Britain’s economic reputation shattered, Hunt may now have to go further in finding cuts in public spending than the government would have done had Truss not been liberated. At a time of soaring inflation, Torsten Bell, head of the Resolution Foundation, her economic planning think tank, told BBC Radio that the government may have to find cuts in public spending by around £30 billion ($34 billion). This is politically very difficult. Challenges after successive Conservative government cuts departmental budgets over the past decade One area that already needs to be spent is Truss’s extensive two-year energy aid package, which was expected to cost over 100 billion. Hunt said support for homes and businesses would last until April before being reviewed, and her analysts say her family could face an energy bill of £5,000 next year. On Monday, Hunt denied her guarantees of her previous policies, such as her promises. She raises her pension based on inflation ($1 = £0.8807) Register now for free and unlimited access to Reuters.com Register by Kate Holton and Elizabeth Piper; Additional reports by William James, Andrew MacAskill, Kylie MacLellan and Paul Sandle; Edited by Raissa Kasolowsky and Gareth JonesOur Standard: The Thomson Reuters Trust Principle.
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