British Prime Minister Truss has said he has no intention of stepping down yet.
MOSCOW, October 18 – RIA Novosti. British Prime Minister Liz Truss has said she has no intention of leaving her post, amid calls to send the cabinet chief to resign.
The British prime minister added that he accepted responsibility for “mistakes” and wanted to apologize.
The British government, led by Truss, has faced a flurry of criticism over a new plan to support the economy and fears that the government will increase the size of the public debt to implement it. The plan was presented to Parliament by former Finance Minister Kwazi Kwarteng and includes a massive tax cut. After the announcement, the yield on five-year UK government bonds rose 4.6% to the highest level since 2008, meaning demand for debt securities has decreased. In this regard, the pound has fallen sharply and dropped to a historic low of $1,054 per pound during trading.
Due to the situation in the financial markets last Friday, Truss announced that it has raised the corporate income tax rate from 19% to 25%, which was proposed by the government of former prime minister Boris Johnson and previously canceled by Truss. The cancellation of the planned increase was one of the measures of the plan to support the economy and assumed that more businesses would invest in the UK economy. On Friday, the author of the scandalous Kvarteng plot resigned, replaced by former British Foreign Secretary Jeremy Hunt.
Source: Ria

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