Prime Minister Liz Truss has denied any hints that she plans to resign after sacking her Chancellor earlier today.
Kwasi Kwarteng said that he accepted Ms Truss's request to "stand aside" from the senior position as she prepared to announce a series of u-turns on her mini-budget which was announced at the beginning of her premiership. Today, at a press conference in Downing Street, the Prime Minister defended her policies, stating that she was elected by her party to deliver a "low tax, high wage, high growth economy".
It comes after she announced she would be reversing her policy to scrap the planned rise in corporation tax from 19 per cent to 25 per cent - which was introduced by former Chancellor Rishi Sunak. She told reporters earlier this afternoon that she's always "been ambitious for growth".
Read more: Jeremy Hunt appointed chancellor after Kwasi Kwarteng sacked
At Downing Street, she said opened her press conference by saying: "My conviction that this country needs to go for growth is rooted in my personal experience. I know what it’s like to grow up somewhere that isn’t feeling the benefits of growth.
"I saw what that meant. And I’m not prepared to accept that for our country. I want a country where people can get good jobs, new businesses can set up and families can afford an even better life.
“That’s why from day one, I’ve been ambitious for growth.” She insisted that she will "always act in the national interest" while tackling the current economic turmoil, stating: "We will get through this storm".
She added: "It is 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." When asked by reporters if she planned to resign, she said: "I am absolutely determined to see through what I have promised.”
The Prime Minister continued: “I met the former chancellor earlier today. I was incredibly sorry to lose him. He is a great friend and he shares my vision to set this country on the path to growth.
“Today, I have asked Jeremy Hunt to take over as Chancellor – he is one of the most experienced and widely respected Government ministers and parliamentarians. He shares my convictions and my ambitions for our country.”
She also admitted the failings of the mini-budget, saying: "It is 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.
“This will raise £18 billion per year. It will act as a down payment on our full medium-term fiscal plan which will be accompanied by a forecast from the independent OBR. We will do whatever is necessary to ensure debt is falling as a share of the economy in the medium term.”
When questioned on why she should remain as Prime Minister after reversing key economic policies, she told the conference: "I’m absolutely determined to see through what I have promised, to deliver a higher growth, more prosperous United Kingdom, to see us through the storm we face.
“We’ve already delivered the energy price guarantee making sure people aren’t facing huge bills this winter. But it was right in the face of the issues that we had that I acted decisively to ensure that we have economic stability, because that is vitally important to people and businesses right across our country.”
Despite this, she dodged a question on whether she has any "credibility" to continue as leader of the country. Furthermore, when asked if she would apologise to the Tory party, she said: "I am determined to deliver on what I set out when I campaigned to be party leader.
“We need to have a high-growth economy but we have to recognise that we are facing very difficult issues as a country. And it was right, in the national interest, that I made the decisions I’ve made today to restore that economic stability so we can deliver, first of all helping people through this winter and next winter with their energy bills, but also making sure that our country is on the long-term footing for sustainable economic growth.”
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