Liz Truss “architect of her own misfortunes” says First Minister

Mark Drakeford has said the prime minister is the “architect of her own misfortunes” adding it was her economic plan which has led to “chaos and confusion.”

Wales’ first minister also called for “stability and certainty to help people and businesses through this crisis.”

Liz Truss sacked her chancellor of 38 days Kwasi Kwarteng today then went on to reverse a planned cut to business tax amid the ongoing fallout from the mini-budget.

During a short press conference on Friday afternoon, Truss said: “I want to deliver a low tax, high wage, high growth economy.”

“It’s what I was elected by my party to do. That mission remains.”

She said it was clear that “parts of our mini budget went further and faster than markets were expecting.”

“So the way we are delivering our mission right now has to change.”

“We need to act now to reassure the markets of our fiscal discipline.”

“I have therefore decided to keep the increase in corporation tax that was planned by the previous government.”

The scheduled rise in corporation tax is from 19% to 25% next year.

“This will raise £18 billion per year.” She said.

The PM is the architect of her own misfortunes.

It is her decisions that have led to the confusion and chaos that has put more pressure on families struggling with the cost-of-living.

We now need stability and certainty to help people and businesses through this crisis.

— Mark Drakeford (@PrifWeinidog) October 14, 2022

Truss said: “We will do whatever is necessary to ensure debt is falling as a share of the economy in the medium term.”

“We will control the size of the state to ensure that taxpayers’ money is always well spent.”

“Our public sector will become more efficient to deliver world-class services for the British people.”

The prime minister said she was “incredibly sorry” to lose Kwasi Kwarten.

“He is a great friend and he shares my vision to set this country on the path to growth.” She said.

“Today I have asked Jeremy Hunt to become the new chancellor.”

“He is one of the most experienced and widely respected government ministers and parliamentarians.” Truss said.

She said: “I have acted decisively today because my priority is ensuring our country’s economic stability.”

“As Prime Minister, I will always act in the national interest.”