Entertainment: Truss confirms controversial budget - "had to act"

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Die britische Premierministerin Liz Truss und der Finanzminister Kwasi Kwarteng am Jahreskongress der Konservativen Partei in Birmingham, Großbritannien © Reuters/Hannah McKay The British Prime Minister Liz Truss and the Finance Minister Kwasi Kwarteng at the annual congress of the conservative party in Birmingham, Great Britain

London (Reuters) - After the pound's course slip as a result of her expenditure plans on Pump, the new British Prime Minister Liz Truss is trying to limit damage.

She should have done more to prepare the ground for her project, Truss told BBC on Sunday. However, she stands for the package. "And I stand by the fact that we quickly announced it because we had to act." Truss later announced a concrete step towards reducing bureaucracy at the start of the annual conference of their conservatives. From Monday, companies with fewer than 500 employees should be considered small businesses, an explanation said. The limit is currently 250. This could use 40,000 other companies to use simplified regulations.

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Truss' growth plan submitted around a week ago is criticized because it provides for additional expenses in billions of bills - but hardly any details on how to be financed at short notice. According to experts, the measures could cost up to almost 230 billion euros. Finance Minister Kwasi Kwarteng also left details on Saturday. In a contribution to the "Telegraph" newspaper, he only confirmed that in November a "credible plan" for debt reduction. You will also commit yourself to control public expenses. It was clear that the measures announced did not come across love everywhere. But you had no choice.

Most recently, the rating agency S&P had joined the skeptical look of other institutions and reduced the outlook for British government debt from "stable" to "negative". The agency Moody's and the International Monetary Fund (IMF) also have concerns. A poorer rating can lead to higher interest rates to be paid for the recording of new debts - which the scope for action is.

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Tory Chairman: Markets could have overreacted

is open whether the plans continue to increase the debt or take the measures alone, as the government hopes. At the foreign exchange market, the pound had crashed to the lowest level in 37 years last week. It was also downhill on the bond market. Ultimately, the British central bank intervened to alleviate the faults. The chairman of the conservatives, Jake Berry, said on Sunday that the markets might have overreacted. "So let us see where the markets will be in six months," he said Sky News.

The project is also controversial in the conservative party of Truss. It is primarily about the planned abolition of the highest income tax rate of 45 percent. Some conservatives worry about being seen as the party that lowers taxes for the richest, while it does little for the weakest. Truss said she supported the abolition of the top tax rate. The decision was made by Kwarteng. Truss left the question of whether the abolition of some taxes with cuts in public services had to be paid for.

(written by Ralf Bode; edited by Scot W. Stevenson; If you have any questions, please contact our editorial team at [email protected])

Tory conference is shrouded in gloom - has Truss already sealed her own fate? | Beth Rigby .
A little under four weeks as prime minister and it couldn't really have gone worse for Liz Truss. © Reuters A mini-budget that precipitated a run on the pound (it has rallied a bit since), a £65bn emergency intervention by the Bank of England to prop up pension funds, and the withdrawal of nearly 1,000 mortgage deals from the market in anticipation of a big hike in interest rates later this year. © Reuters The Conservatives are experiencing their worst polling since the late 1990s and dozens of Tories are contemplating losing their seats at the next election.

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