UK Conservatives Apologize for Truss With Vow for Sound Finances
The UK Conservatives apologized for former Prime Minister Liz Truss's disastrous 2022 mini-budget as the country's main opposition party sought to restore its reputation for economic competence and build a platform to challenge for power in the next general election.
Shadow Chancellor Mel Stride on Thursday expressed remorse for the decisions made in September 2022 by Truss and her finance minister, Kwasi Kwarteng, to slash taxes by £45 billion ($61 billion) without outlining where the funding would come from. That helped drive the pound to a record low against the dollar, roiled the bond market and pushed mortgage rates higher.
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