Liz Truss, UK Prime Minister, vows to step up her strategy after criticism of her economic plans

AP.- British Prime Minister, Liz Trussinsists he leads a “government that listens” and learns from his mistakes, in a bid to restore his authority and reassure financial markets spooked by his government’s fickle economic promises.

In an interview broadcast Tuesday, truss said to BBC that he and his ministers are determined to “reflect on how we can do things better.”

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“Is everything the government has done really perfect? That’s not it,” he said. “I fully recognize it. And we have learned from the response we have received,” the Prime Minister added.

The response is great: in four weeks truss in office, the pound has fallen to a record low against the dollar, Bank of England had to take emergency action and the opposition Labor Party had broken records against the Conservatives in opinion polls.

Now truss engage in battle with his party for economic planand some lawmakers have warned they will oppose any attempt to cut welfare benefits to help finance tax cuts.

Truss is on a mission to reform economy with tax cuts and deregulation, in a bid to end several years of sluggish growth. But now he is trying to deal with some drastic changes to his first major project, a stimulus package that includes 45 billion pounds ($50 billion) of tax cuts, which will be financed with state debt.

The presentation of the plan on September 23 drowned pound to a record low against the dollar and increased government borrowing costs.

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The Bank of England was forced to intervene to strengthen bond markets and prevent a crisis economical wider. Fears that banks will soon raise interest rates prompted mortgage providers to withdraw their more affordable products, causing concern among buyers.

Under political and financial pressure, the government on Monday withdrew the most unpopular part of the project, a cut from tax income above 150,000 pounds ($167,000) per year. That’s £2bn, a fraction of the £45bn tax cut, and it is not clear how the rest will be paid out.

Kwasi Kwarteng’s chief financial officer has also pledged to release a funded fiscal plan and economic forecasts from the Office for Budget Responsibility, an independent body. They were originally set to feature on September 23, but mounting pressure is likely to propel it forward a few weeks..

Elena Eland

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