UK Prime Minister Liz Truss has defended her tax-cutting plan as “morally and economically” right but sought to allay concerns over rising government borrowing by pledging to be “fiscally responsible.”
Addressing the Conservative Party conference in Birmingham on Wednesday, Truss promised to steer the country through the “tempest” and “get Britain moving.”
It comes after her government’s plan to fund massive tax cuts with government borrowing rattled investors and led to turmoil in the financial markets.
In an attempt to spur growth, Chancellor Kwasi Kwarteng unveiled the biggest package of tax cuts in half a century on Sept. 23. However, it sparked panic among investors concerned about increased government borrowing, causing the pound to fall and borrowing costs to soar….