UK: British Prime Minister Liz Truss acknowledged that her administration handled the tax cut announcement poorly, which led to a week of turmoil in the financial markets, but she insisted that her strategy was the right one.
She added that Chancellor of the Exchequer Kwasi Kwarteng, not any member of her cabinet, made the decision to eliminate the highest rate of income tax.
In Birmingham, where the annual conference of the ruling Conservative Party gets underway on Sunday, Truss told the BBC, "I do accept we should have laid the ground better; I've learned from that." In order to deal with the extraordinary circumstances we are facing this winter, I believe we made the right choice to take out more debt.

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Markets were rocked by Truss' proposal for a sizable package of unfunded tax cuts, sending the pound to record lows and forcing the Bank of England to step in to stop a collapse of the bond market.

With the fallout, support for the Tories has plummeted in polls, with the opposition Labour Party now leading by 33 points, according to international research firm YouGov. According to a poll conducted by the Observer newspaper, 71% of UK voters, including those who supported the Conservatives (Tories) in the previous election, think Truss and Kwarteng have "lost control" of the economy.

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Given that ministers have also stated that the government's plans will require departments to find cost-savings, lowering the top rate of income tax for those with the highest incomes is proving particularly toxic. Politicians from the Tories are upset about that because they believe it helps Keir Starmer's Labour. Truss, who has only been in office for a little over a month, stated, "I believe in getting value for money for the taxpayer." She answered "Yes" when asked if she was committed to lowering the top rate of income tax.

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Additionally, Truss stated that she wanted to reassure the populace that her plan would be advantageous to them over the long run and that her energy package would assist them in paying rising fuel prices this winter.