December 3, 2022

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Truss says British economy ‘needs a reset’ after market sell-off

2 min read

Prime minister Liz Truss has said that “Britain’s economy needs a reset” and pledged to prioritise “aspiration, enterprise and growth” as the Conservative party prepares to gather for its annual conference in the wake of a week of market turmoil.

MPs and party members will convene on Sunday in Birmingham, and Truss is expected to seek to rally their support for her political vision.

She faces rising discontent over the government’s £45bn “mini” Budget last week, after which the pound fell to a record low against the dollar, gilts sold off sharply, banks pulled thousands of mortgage products and the Bank of England launched a £65bn bond-buying scheme to stabilise government debt markets.

Truss said on Saturday evening that the Conservatives were “the party of aspiration, enterprise and growth”.

“We believe in making it easier for our wealth creators, doers and makers to get things done,” she said. “Britain’s economy needs a reset. We cannot continue on the current trajectory of managed decline. Instead, we must take a new direction. I will lead us down that path to a better future.” 

The overarching theme of the four-day conference will be “Getting Britain Moving” and speakers will address issues such as the public services and boosting economic growth.

Truss, who will address Tory members on Wednesday, is expected to argue that the party remains committed to fiscal responsibility and that a high-tax, low-growth economy is an unsustainable approach.

Yet some within the party have voiced alarm at the impact of the government’s economic plans on public confidence. On Friday, Tory grandee Charles Walker warned that the Tories were at risk of losing the next general election as he stressed that they had a responsibility to “get the public finances in the best shape possible”. 

Recent polling has indicated widespread public dissatisfaction with the government, with Labour rising to a 33 point lead according to a poll…

2022-10-01 17:43:20

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