Under a heavy fire of attacks after having to abandon her economic program, British Prime Minister Liz Truss defended herself in Parliament on Wednesday, assuring that she was a “
fighter, not someone who gives up
”.
The crisis dates back to the presentation at the end of September of the "
mini-budget
" of its then finance minister, Kwasi Kwarteng, who had raised fears of a slippage in the public accounts.
The pound had fallen to an all-time low and long-term government borrowing rates had soared.
The Bank of England had to intervene to prevent the situation from degenerating into a financial crisis.
In an attempt to calm the economic and political storm, Liz Truss had to appoint a new finance minister, Jeremy Hunt, responsible for rectifying her economic program and reassuring the markets about the seriousness of the government's budget.
The latter, now widely considered to have gained the upper hand over Truss, reneged on almost all the tax cuts promised by the Prime Minister and warned that savings should be made in public spending, raising fears of a return to the austerity, like after the 2008 financial crisis.
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