After sacking her finance minister, UK PM Liz Truss declares she will hike corporation tax
Liz Truss
In what can be seen as her desperate attempt to stay in power, United KingdomPrime Minister Liz Truss had to fire finance minister Kwasi Kwarteng and scrap parts of her signature economic package.
Speaking to the press just weeks after taking over from Boris Johnson as the PM, Liz Truss in a dramatic U-turn, announced that she will in fact hike corporation tax.
The decision to maintain the previous administration's planned rise in company tax came just hours after Truss fired her finance minister and appointed Jeremy Hunt, in his stead.
As she acknowledged going "further and faster" than markets had anticipated, she said at the news conference that she would now permit a major corporate tax increase starting next year and raise 18 billion pounds.
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"We need to act now to reassure the markets of our fiscal discipline," she said. Truss also insisted that she would push ahead with her contentious programme to boost sluggish economic growth, despite market turbulence and the sacking of her finance minister.
Even after being forced to abandon crucial elements of the plan, Truss declared that she was "absolutely determined to see through what I have promised to deliver, a higher growth, more prosperous United Kingdom."
Truss claimed to have acted "decisively" to bring about "economic stability".
As per AFP, she merely took four questions, gave succinct answers, and concluded by saying, "We will get through this storm." As she was leaving, one reporter shouted, "Aren't you going to say sorry?"
She declared, "I want to deliver a low-tax, high-wage, high-growth economy," adding "That mission remains."
(With inputs from agencies)
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