Mishandled tax-cut announcement, acknowledges British PM Liz Truss

Traders drove to the pound to a record low in the aftermath of Kwarteng's fiscal statement, govt borrowing costs soared and the Bank of England to intervene to prevent a meltdown in the gilt market

Liz Truss acknowledged her UK government mishandled the announcement on unfunded tax cuts which triggered a week of turmoil in financial markets, while insisting her approach is the correct one. She also said the decision to remove the highest rate of income tax was taken by Chancellor of the Exchequer Kwasi Kwarteng and not put to her Cabinet.

“I do accept we should have laid the ground better; I’ve learned from that,” Truss told the BBC in Birmingham, where the ruling Conservative Party’s annual conference begins Sunday. “I do stand by the package we announced.”

Traders drove to the pound to a