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Truss Rules Out U-Turn as Her Unfunded Tax Cuts Roil Markets (2)

Sept. 29, 2022, 4:20 PM

UK Prime Minister Liz Truss showed no sign of backing down on her economic policies that yesterday forced a dramatic £65 billion intervention from the Bank of England, blaming Russia’s war in Ukraine for the market turmoil that pushed the pound to a record low.

“I’m very clear the government has done the right thing,” she said Thursday in a round of interview to local BBC radio stations. “This is the right plan.”

The remarks were Truss’s first since the £45 billion of unfunded tax cuts were unveiled six days ago. The central bank was forced to step in and ...