Birmingham, England, Oct 5 (EFE).- British prime minister Liz Truss on Wednesday said the “disruption” caused by her tax-slashing economic plan would pay off with a return to economic growth that would benefit everyone.
The PM urged Conservative Party members and lawmakers to rally around her government’s economic proposals as she brought the party conference in Birmingham to a close.
“For too long the political debate has been dominated by the argument about how we distribute a limited economic pie, instead we need to grow the pie so that everyone gets a bigger slice,” Truss said, adding she was “determined to take a new approach.”
The PM, who has been in power for just under a month after taking over from Boris Johnson, said the scale of the challenge of returning the UK economy to growth and “rebuilding through reform” was “immense.”
“War in Europe for the first time in a generation, a more uncertain world in the aftermath of Covid and a global economic crisis, this is why in Britain we need to do things differently.”
She added: “As the last few weeks have shown, it will be difficult, whenever there is change, there is destruction, and not everybody will be in favor of change, but everyone will benefit from the result – a growing economy and a better future.”
The Tory leader, whose inaugural few weeks in power were eclipsed by the death of Queen Elizabeth II, pledged her government would continue on its path of tax cuts.
Her finance chief, Kwasi Kwarteng, was forced to U-turn on his proposal to scrap the reduction of the tax bracket on the country’s highest earners after the announcement sent the jitters through the market and the pound plummeting.
Kwarteng’s plan prompted rare criticism from the International Monetary Fund and the Bank of England, the UK’s central banks, had to begin a temporary purchase of long-term government debt to stabilize the market.
The PM’s closing speech was interrupted by Greenpeace protesters who held up a banner that read “who voted for this?” before they were escorted out by security.
Greenpeace UK said the demonstration came in response to the PM’s “shredding” of the Conservative Party’s 2019 manifesto promises on climate. EFE