‘No government spending cuts or tax rollbacks,’ says Truss

LONDON, Oct 12 (Reuters) – British Prime Minister Liz Truss said on Wednesday she would not reverse sweeping tax cuts or cut public spending, seeking to hold firm despite concerns over her change in economic policy.

The Institute of Fiscal Studies (IFS) said this week that the government needed to come up with £62billion (70.61billion euros) in spending cuts or tax increases to stop rising debt public.

Liz Truss has claimed during the weekly parliamentary questions that she does not plan to cut public spending, sticking to the promise she made during the Conservative Party leadership race.

“What we will make sure of is that in the medium term the debt goes down, but we won’t do that by cutting public spending, but by making sure we are spending public money well,” he said. she declared.

UK markets have been turbulent and the Bank of England has had to widen its intervention into inflation-linked gilts following the Prime Minister’s tax plan, which includes tax cuts of more than 40 billion pounds to stimulate the economy.

Liz Truss and Finance Minister Kwasi Kwarteng have since reversed their decision to scrap the top income tax rate. They also put forward a budget with details of the fiscal forecast as of October 31. (Report William James and Alistair Smout, written by Sachin Ravikumar; French version Alizée Degorce, edited by Kate Entringer)