British Prime Minister, Liz Trusshas recognized this Friday that his fiscal plan went “further and faster” than the markets could tolerate, so now he is rectifying “decisively” and will raise corporate tax as planned by the previous Executive of Boris Johnson.
We have to act now to assure the markets that we are fiscally responsible”, he pointed out, before adding that he will do “whatever is necessary” to ensure that the debt falls in the medium term.
It might interest you: Liz Truss, British Prime Minister, freezes energy bills for 2 years and lifts the veto on fracking
In a brief press conference, the Prime Minister, who had dismissed the Economy Minister, Kwasi Kwarteng, hours earlier, admitted that the way in which her Executive seeks to fulfill its mission “has to change”, Therefore, it has decided to maintain the increase in corporate tax from 19% to 25%, despite having promised to cancel the increase..
“It is clear that parts of the ‘mini-budget’ (which Kwarteng presented on September 23) went further and faster than the markets expected,” Truss said in a 180-degree turn on what he had promised since taking office. the position as prime minister, on September 6.
The measure hopes to raise an additional 20.7 billion euros
With the rise in corporate tax, Truss hopes to raise an additional 18,000 million pounds sterling (20,700 million euros).
Similarly, among other measures to ensure that the debt falls in the medium term, Truss pointed out that his Government “will control the size of the State” and will guarantee that “the public sector is more efficient”while acknowledging that “spending will grow more slowly than previously planned.”
He has regretted “incredibly” having to do without his “great friend” Kwarteng, although he has considered that Hunt shares his ideas on growth and low taxes.
I want to be honest: this is difficult. But we will weather the storm and achieve the strong and sustained growth that can transform the prosperity of our country for generations to come”, she added, before confirming that she has no intention of resigning and that she is determined to carry out her plans.
As he has defended, it is necessary to “act in the national interest”, so “economic stability” must be guaranteed after days of volatility in the sovereign debt of the United Kingdom and the collapse in the price of the pound sterling.
The last:
EFE International news agency based in Madrid and present in more than 110 countries.