Beautiful Virgin Islands

Monday, Jul 13, 2026

British PM Truss vows to carry on as her party support dwindles

British PM Truss vows to carry on as her party support dwindles

British Prime Minister Liz Truss warned of tough times ahead after she scrapped her vast tax-cutting plan and said she would carry on to try to put the economy on a stronger footing, defying calls for her resignation.

After weeks of blaming "global headwinds" for investors dumping the pound and government bonds, Truss on Monday said she was sorry for going "too far and too fast" with her radical economic plan to snap Britain out of years of tepid growth.

It was not clear whether the apology would quell a growing rebellion in her Conservative Party, with a handful of lawmakers urging Truss to quit just six weeks after she became prime minister.

Truss has said she will fight on and told her top ministers she wanted to level with the public that there were tough times ahead.

A new YouGov opinion poll showed that even among Conservative Party members who backed her for prime minister, more than half of those polled said she should resign. A third wanted her predecessor, Boris Johnson, to return.

Markets, which plunged after Truss's Sept. 23 "mini-budget", are still under strain even after her finance minister Jeremy Hunt tore up her plans on Monday.

"I do want to accept responsibility and say sorry for the mistakes that have been made," Truss told the BBC late on Monday.

"I wanted to act to help people with their energy bills, to deal with the issue of high taxes, but we went too far and too fast." Truss said she was "sticking around" and that she would lead the Conservatives into the next election due in about two years time, although the statement was accompanied by a laugh.

Earlier on Monday, Truss watched silently in parliament as Hunt ripped up the plan she proposed less than a month ago, and which triggered a bond market rout so deep that the Bank of England had to act to prevent pension funds from collapsing.

'HONEST'


For some in the party, the sight of a prime minister humbled in parliament provided little confidence she could fight on.

James Heappey, a minister for the armed forces, said Truss, his boss, could not afford to make any more mistakes.

Truss spoke to her Brexit-supporting lawmakers on Tuesday, promising to resolve the contentious rules that govern trade with Northern Ireland and said she was still a low-tax conservative who would pursue such goals more slowly. One of those present said she was received warmly in contrast to more hostile receptions from other wings of the party.

Members of parliament have been urged by government to hold off from any move to oust her before it presents its medium-term fiscal plan on Oct. 31.

Truss was elected by Conservative party members, not the broader electorate, on a promise to slash taxes and regulation to fire up the economy in a policy dubbed by critics as a return to 1980s Thatcherite-style "trickle-down" economics.

But markets reacted so dramatically that borrowing costs surged, lenders pulled mortgage offers and pension funds fell into a tailspin.

Ryanair (RYA.I) boss Michael O'Leary described Britain's economic situation as a "car crash" which he blamed on the country's decision to vote to leave the European Union in 2016.

SPENDING SQUEEZE


With Britain's economic reputation shattered, Hunt may now have to go further in finding public spending cuts than the government would have done had Truss not unleashed her economic plan at a time of surging inflation.

Truss's spokesperson said the government could not yet make commitments in individual policy areas, despite previous pledges, but it was focused on protecting the most vulnerable. He said Truss stood by her pledge to increase defence spending by 2030.

Torsten Bell, the head of the Resolution Foundation, a think tank, said the government may need to cut public spending by around 30 billion pounds ($34 billion) - a politically very difficult task after successive Conservative governments cut departmental budgets over the last 10 years.

One area of spending already to go is Truss's vast two-year energy support package that was expected to cost well over 100 billion pounds, which Hunt said would now last until April before it is reviewed.

($1 = 0.8807 pounds)

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
The AI Invoice Shock: Layoffs Didn't Save Managers Money — They Cost Them More
Concern: Sexually Transmitted Bacterium Among Men Develops Antibiotic Resistance
Following Massive Investor Demand: SK Hynix Raises 26.5 Billion Dollars on Nasdaq
Passenger Partially Pulled Out of Ryanair Jet After Cabin Window Fails Mid-Flight
After Four Years, and Under a Heavy Veil of Secrecy: King Charles Meets His Grandchildren, Harry and Meghan's Children
Severe Heatwave Drives Dangerous Ground-Level Ozone Pollution Across Two Thirds of European Union
Westminster in Freefall as Farage's By-Election Gamble Triggers Broader Systemic Crises
Institutional Fractures and Political Volatility Reshape Britain's Domestic Landscape
Deadly Fire, Health Emergencies and Political Upheaval Shape a Volatile Global News Cycle
Flight Instructor Jumped to His Death — Student Landed the Plane: "You Know What You Need to Do"
The Physical and Electronic Barriers Disrupting Domestic Wireless Networks
France and Morocco Open World Cup Quarter-Finals as Collina Defends Refereeing
Prince Harry Suffers Major Court Defeat in Legal Battle Against Daily Mail Publisher
Bonnie Tyler, Welsh Singer Behind Total Eclipse of the Heart, Dies at 75
Tech Pulse: The Future of AI and Screen Culture
Global News Briefing: Escalating Geopolitical Tensions and Corporate Shakeups
Global News Brief: Escalating Conflicts, Public Health Crises, and World Cup Drama
Federal Financial Framework Shifts as Treasury Launches Universal Savings Program for Minors
French Court Allows Le Pen to Run for Presidency, but with an Electronic Tag: "I Will Appeal, and I Will Run"
$1.4 Trillion: The Lawsuit That Could Crush Meta
Europe's Growing Struggle with Extreme Heat and Air Conditioning
UK Daily Briefing: Legal Developments and Social Issues
Political Turmoil and Rising Costs
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Logic Flaw in Windows 11 Permission Architecture Silently Consumes Hundreds of Gigabytes of Local Storage
Apple Advances Late-Stage Operating Systems with Fourth Beta Deployments
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Deep Purple Has Released Its Best Album in Decades
Microsoft Lays Off 4,800 Employees and Xbox Suffers the Hardest Blow
Morocco and France Advance as 2026 FIFA World Cup Enters Quarterfinals.
Historic 2026 Tour de France Opens in Barcelona With Revamped Team Time Trial.
Global Mergers and Acquisitions Approach $4 Trillion Defying Geopolitical Tumult.
Negotiators Advance 20-Point Framework for Gaza Ceasefire and Demilitarization.
OECD Warns Middle East Conflict Will Depress Global Economic Growth.
Ukrainian Drones Strike Major Oil Terminal in St. Petersburg.
World Meteorological Organization Issues Urgent Alert Over Rapidly Intensifying El Niño.
United States Commemorates 250th Anniversary With Diplomatic Summits and Global Flotilla.
Iran Begins Days-Long Funeral for Supreme Leader Khamenei Amid Strait of Hormuz Standoff.
Technology giant reports surging carbon emissions driven by artificial intelligence infrastructure demands.
Artificial intelligence adoption accelerates workforce reductions across the technology and financial sectors.
Global technology and financial conglomerates collaborate to launch a new stablecoin standard.
United States regulators lift export restrictions on a major frontier artificial intelligence model.
Luxury bags take over the World Cup: style, status symbol, or just showing off?
×