Liz Truss insists she has an ‘iron grip’ on UK finances but admits tax cuts will reap ‘short-term disruption’
LIZ Truss today admits her tax cuts will reap “short-term disruption” — but insists she has an “iron grip” on UK finances.
In an exclusive article for today’s Sun, the PM vows not to U-turn on her mini-Budget as she attempts to quell market unrest and grumbling from Tory MPs.
She said: “Not everyone will like what we are doing, but I want to reassure the public that the government has a clear plan that I believe is right for the country.”
The PM said she would run the public purse with “an iron grip” and return to “sound money” amid fears her borrowing plans are out of control.
Ms Truss tells Sun readers she feels their cost of living pain, on the day her £60billion energy bill cap kicks in.
On the eve of a potentially explosive Tory conference in Birmingham, she signalled to the City she would work with the independent Office for Budget Responsibility to give a true picture of the state of the nation’s finances.
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But she rejected bids to bring forward the OBR’s forecasts from November 23 to help calm the markets.
Senior Tory MPs want her to speed up the promised blueprint of economic reforms and bonfire of red tape, as well as spell out what spending cuts are needed.
The PM and Chancellor had an unusual face to face talk with the OBR, which says it is ready to hand over a draft forecast next Friday.
Meanwhile, the Pound clawed back losses amid a sliver of good news that Britain is not formally in a recession.
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The ONS revised figures from the last quarter to show a 0.2 per cent increase in GDP.
Writing in The Sun, Ms Truss promises her bumper package of reforms to the economy will be revealed in full next month.
It will include a reduction in childcare red tape, loosening of immigration rules for some struggling sectors and deregulation of planning.
As she slapped down calls to reverse tax cuts, she said: “I am determined to take a new course to unleash Britain’s potential, get our economy growing and deliver a better future for everyone.
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“None of this will happen overnight but it’s the right thing to do. We will see it through.”
She told Sun readers: “This government is on your side.”