Liz Truss admitted today she should have done a better job after her tax-slashing mini-budget triggered a disaster in the markets.
The Prime Minister refused to U-turn on her plan, which will cost £72bn in borrowing next year alone, despite the threat of a Tory revolt and threats to block scrapping the 45p top tax rate. And Ms Truss repeatedly refused to rule out public sector or benefit cuts, as she said: "What I'm going to make sure is we get value for money for the taxpayer."
Speaking on BBC's Sunday with Laura Kuenssberg show, the Prime Minister said: "I'm afraid there is an issue that interest rates are going up around the world and we do have to face that." But Ms Truss added: "But I do want to say to people I understand their worries about what happened this week.
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"I do stand by the package we announced and I stand by the fact we announced it quickly, because we had to act But I do accept we should have laid the ground better...I have learnt from that and I will make sure that in future we do a better job of laying the ground."
Interest rates are set to surge after the Bank of England - which bailed out gilts to the tune of £65bn to stop pension funds from collapse - warned it will do whatever is necessary to stabilise the economy.
But Ms Truss said she had taken the "right decision to borrow more this winter to deal with the extraordinary circumstances we face".
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