Liz Truss defends government's Mini Budget economic plans

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Prime Minister Liz Truss was questioned on her budget, as multiple reputable economic organisations have raised alarm bells over her tax cuts plan. Citing all the economic organisations raising concerns about a market crash, BBC Radio Norfolk’s Chris Goreham asked the Prime Minister: “It’s not just controversy though, is it? Since Friday, the IMF, the Bank of England, and the RSPP have all spoken out against various parts of the mini-budget. 

“Can you reassure our listeners that your judgment is better than those well-respected organisations and individuals I’ve just mentioned?”

Liz Truss defended: “As Prime Minister, I have to do what I believe is right for the country and what is going to help move our country forward.

“And of course, there are many people with many different opinions.

“But what I think nobody is arguing with is that we had to take action to deal with what is a very difficult economic situation.

“And this situation has been caused by Putin’s appalling war in Ukraine.”

Since Friday’s mini-budget, representatives from Bank of America, JP Morgan, Standard Chartered, Citi, UBS, Morgan Stanley, and Bloomberg have warned the tax-cutting plan could spark market chaos.

To avert a major economic crisis, the representatives will all attend a meeting with Chancellor Kwarteng on Wednesday. 

Days of turmoil have sent shockwaves throughout Britain’s economy, which saw the pound buffeted and Government borrowing costs increase after his mini-budget spooked the markets with its package of tax cuts and increased borrowing.

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