Five key points from PM’s press conference after sacking Chancellor

Liz Truss 'is an extremely difficult situation' says expert

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Liz Truss addressed the nation today in her second televised speech in as many weeks just hours after sacking Chancellor Kwasi Kwarteng and replacing him with Jeremy Hunt. During a press conference, she sought to inspire some confidence in her Government, striking a balance between praising her measures and vowing to learn from her mistakes. The address has prompted gloomy reaction from Conservatives, however, some of whom described her speech as “dreadful”. 

The Prime Minister’s plans 

Ms Truss updated viewers on her plans for the economy following Mr Kwarteng’s departure, outlining that her aims have not changed. 

She said: “I want to deliver a low tax, high wage, high growth economy. It is what I was elected by my party to do, that mission remains.”

“We recognise because of current market issues. We have to deliver the mission in a different way.”

National interest 

Ms Truss insisted that Britons want stability in the economy, following a chaotic few weeks. 

Her reversal, she said, would serve this “national interest” and help calm down the markets. 

The Prime Minister said: “My priority is making sure we deliver the economic stability that our country needs. That’s why I had to take the difficult decisions I’ve taken today.”

Mini budget failures 

Ms Truss sidestepped accusations that her mini budget had prompted financial chaos, instead placing blame on the markets. 

She said: “It is clear that parts of our mini-budget went further and faster than markets were expecting. So the way we are delivering our mission right now has to change.

“We need to act now to reassure the markets of our fiscal discipline.”

Corporation tax 

The Prime Minister has opted to keep corporation tax in a bid to calm markets. 

She said: “We need to act now to reassure the markets of our fiscal discipline.

“I have, therefore, decided to keep the increase in corporation tax that was planned by the previous government. This will raise 18 billion pounds per year.”

Jeremy Hunt 

Ms Truss took time to praise incoming Chancellor Jeremy Hunt, who was on holiday until this afternoon. 

“He’s one of the most experienced and widely respected government ministers and parliamentarians and he shares my convictions and ambitions for our country.

“He will deliver the medium term fiscal plan at the end of this month. He will see through the support we are providing to help families and businesses including our energy price guarantee that’s protecting people from higher energy bills this winter.”

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