LONDON — Prime Minister Liz Truss apologized for threatening Britain’s economic stability after she was forced to scrap her vast tax\u002Dcutting plans and embark…
After weeks of blaming the markets and “global headwinds” for investors dumping the pound and government bonds, Truss said she was sorry for going “too far and too fast” with her radical economic plan to snap Britain out of years of stagnant growth.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
A new YouGov opinion poll suggested even those Conservative Party members who backed her for prime minister were having second thoughts. It showed more than half of those members polled said she should resign, while a third wanted her predecessor, Boris Johnson, to replace her. Truss watched silently in parliament on Monday as Hunt demolished the economic plan she proposed less than a month ago, and which triggered a bond market rout so deep that the Bank of England had to act to prevent pension funds from collapsing.Article contentFor some in the party, the sight of a prime minister humbled in parliament provided little confidence she could fight on.
Truss held a meeting of her cabinet team on Tuesday and was due to speak later to her lawmakers, who have been urged by some close to government to hold off from any move to oust her before the government presents its full fiscal plan on Oct. 31. The Bank of England said a report in the Financial Times about a new delay to the start of its sales of government bonds was inaccurate. The FT said it had learned that top officials were likely to decide a delay was needed after judging the gilts market to be “very distressed” in recent weeks.
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