Truss UK Prime Minister "Sticking to Tax Cut Policy... Absolutely the Right Direction"

[Image source=Yonhap News]

[Asia Economy Reporter Kwak Min-jae] It has been confirmed that Liz Truss, the new Prime Minister of the United Kingdom, clearly stated her intention to maintain the existing tax cut policy.

According to AP News and others on the 29th (local time), Prime Minister Truss said in a BBC Radio interview that "the UK is facing an extremely difficult economic period."

He said, "We had to take urgent measures for economic growth, the advancement of the UK, and to tackle inflation," and added that he would willingly make ‘difficult decisions’ in the future to ensure the economy continues to grow.

When asked if he was willing to withdraw the plan including large-scale tax cuts, Truss replied, "No," and said, "The package policy we announced is to support the energy costs of individuals and businesses, and I believe it is absolutely the right thing to do."

Earlier, Kwasi Kwarteng, the UK Chancellor of the Exchequer, announced a tax cut policy focused on businesses and the wealthy, but did not present the impact on public finances or government measures to promote economic growth, causing confusion in the financial markets.

Meanwhile, the turmoil in the UK financial market has somewhat calmed down after the Bank of England (BOE), the central bank, announced emergency measures such as urgent government bond purchases the day before.

This content was produced with the assistance of AI translation services.