London:British Prime Minister Liz Truss described herself as a fighter and not a quitter Wednesday as she faced down a hostile opposition and fury from her own Conservative Party over her botched economic plan. Truss attended her first session of Prime Minister's Questions since newly appointed Treasury chief Jeremy Hunt ripped up the tax-cutting package unveiled by her new government less than a month ago. She apologized to Parliament and admitted she made mistakes during her short tenure as the U.K.'s head of government.
Some lawmakers shouted Resign! as she spoke. Asked by the opposition Labour Party's leader, Keir Starmer, Why is she still here? Truss retorted: I am a fighter and not a quitter. I have acted in the national interest to make sure that we have economic stability. A package of unfunded tax cuts Truss' government announced Sept. 23 sparked turmoil on financial markets, hammered the value of the pound and increased the cost of U.K. government borrowing. The Bank of England was forced to intervene to prevent the crisis spreading to the wider economy and putting pensions at risk.
Under intense political and economic pressure, Truss last week fired her ally Kwasi Kwarteng as Treasury chief, replacing him with Cabinet veteran Hunt. On Monday Hunt scrapped almost all of Truss' tax cuts, along with her flagship energy policy and her promise of no public spending cuts. He said the government will need to save billions of pounds and there are many difficult decisions to be made before he sets out a medium-term fiscal plan on Oct. 31.
Foreign Secretary James Cleverly urged Conservatives to give Truss another chance, saying mistakes happen." What you've got to do is recognize when they've happened and have humility to make changes when you see things didn't go right, he said. Official figures released Wednesday showed U.K. inflation rose to 10.1% in September, returning to a 40-year high first hit in July, as the soaring cost of food squeezed household budgets. While inflation is high around the world - driven up by Russia's invasion of Ukraine and its effect energy supplies - polls show most Britons blame the government for the country's economic pain.