Truss acknowledges errors in the presentation of his tax cut plan but defends his decision

MADRID, 2 Oct. (EUROPA PRESS) -

The Prime Minister of the United Kingdom, Liz Truss, has acknowledged this Sunday that her cabinet mismanaged the announcement of her new tax cut program that has triggered one of the most difficult weeks for British markets in recent months.

"I recognize that we should have laid the foundations of our plan better. We have learned from those mistakes and I think there is still time to correct course," Truss said in an interview with the BBC.

The cut plan of Truss and his finance minister, Kwasi Kwarteng, the most aggressive in half a century, ended up triggering the risk premium of British debt until it was close to that of Italy and forced the Bank of England to announce a forthcoming increase in interest rates.

Among other measures, the plan contemplates the elimination of the maximum rate of 45 percent (a decision for which Truss held Kwarteng responsible), the reduction from 20% to 19% of the basic rate, the elimination of the increase in corporate tax implemented by the previous Cabinet and the annulment of the current limit on bonuses received by bankers.

In just 20 days in office, Truss's popularity has plummeted and only 15 percent of those polled by YouGov defend the British prime minister's intentions.

However, and as he did on Saturday, Truss has remained firm in his proposals. "I think we have made the right decision to deal with the extraordinary circumstances we are facing," he said.