U.K. Prime Minister Liz Truss fired her finance minister and closest political ally just weeks into her premiership, sparking controversy.
. At one point, the pound sank to its lowest level against the dollar in decades.
"The problem with their budget was never the numbers, it was much more about the credibility of the plan," a former Conservative cabinet minister told CNN shortly after Truss sacked Kwarteng. Asked whether she would say sorry to her party's lawmakers, some of whom are publicly trashing her economic agenda, she replied: "I am determined to deliver on what I set out when I campaigned to be party leader. We need to have a high-growth economy but we have to recognize that we are facing very difficult issues as a country."
However, he is also easy for the opposition Labour Party to attack. Hunt-skeptics point out that his record in government is patchy. Whether the accusations are true or not, it would be possible for opposition leaders to say that as health secretary, he failed to adequately prepare Britain's health service for the coronavirus pandemic.
The reversal in tax cuts will, Truss said, provide £18 billion. And it's not beyond the realms of possibility that further savings will be made as Kwarteng's budget becomes a distant memory.
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