Liz Truss Apologizes, Don't Resign

New finance minister Jeremy Hunt scrapped almost all of UK Prime Minister Liz Truss' plans to stabilize markets. After that, Liz Truss was in the face of controversy. Truss eventually apologized for his mistake. At the same time, he said that he will not resign.

Liz Truss said in an interview on Monday (October 17), 'I take responsibility for my wrong decision and express my regret. I wanted to work to help with tax issues and fuel bills; But we make too many decisions too quickly. But it was right that we changed the policy.'

Prime Minister Liz Truss removed Kwasi Kwarteng as finance minister on October 14 due to tensions over the tax issue. He was replaced by Jeremy Hunt. Jeremy Hunt, the UK's fourth finance minister, was appointed last Friday (October 14).

Liz Truss campaigned for the leadership of the Conservative Party, pledging to scrap the planned rise in corporation tax. He has only been in office for six weeks.

In the budget of March this year, then British finance minister Rishi Sunak announced the decision to increase this tax from 19 percent to 25 percent in April 2023. He argued that the government has given hundreds of billions of pounds to companies in an economy reeling from the Covid pandemic. Therefore, it is not unfair to ask this additional tax from them.

But this decision of Sunak was canceled by Liz Truss. Lease Truss Finance Minister Kwasi Kwarteng said the tax on those earning one and a half million euros or more will be reduced from 45 to 40 percent. Later, on Friday (October 14), Sunak's decision had to be upheld.

 Meanwhile, Liz Truss is on the verge of losing power. There has been speculation that the ruling Conservative leaders are planning to replace him. The possible list includes former finance minister and Truss rival in the prime ministerial election Rishi Sunak and former international development minister Penny Mordant.