‘We have done the right thing’: Prime Minister Liz Truss defends mini-budget amid market turmoil
Liz Truss says her government has “done the right thing” in its mini-budget in order to get the economy growing.
Speaking to the BBC in a raft of local radio interviews this morning, the prime minister said “urgent action”, along with “controversial and difficult decisions”, needed to be taken to improve the situation in the UK.
She said she was “prepared to do that… because what is important to me is we get our economy moving, we make sure that people are able to get through this winter and we are prepared to do what it takes to make that happen”.
UK economy latest news: Minister insists government won’t change course
Markets were thrown into turmoil after the government announced its mini-budget on Friday, which included a swathe of tax cuts – such as scrapping the rate of income tax for top earners, reversing the National Insurance rise and cancelling an increase to corporation tax.
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Minister agrees tax cut only benefits wealthy
Economists feared the amount of borrowing needed to pay for the policies and, as a result, the pound plummeted.
The Bank of England was forced to intervene to stop some pension funds collapsing by launching a temporary bond-buying programme as an emergency measure to prevent “material risk” to UK financial stability.
Yet, speaking in public for the first time since the fallout, Ms Truss still said the government had “done the right thing by taking action urgently”, despite the trouble that has followed, and she still believed in “sound money”.
She said the Treasury was “working closely” with the Bank of England, reiterating its independence, but claimed there were “difficult markets around the world” due to the war in Ukraine and that the problem in the UK was not homegrown.
But while the PM kept saying the “biggest part” of the government’s interventions was on the energy bills – introducing a cap on the average bill of £2,500 and equivalent help for businesses – this was announced over a week before the mini-budget and not thought to be the main reason for the market’s reaction.
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Earlier, Chief Secretary to the Treasury Chris Philp admitted scrapping the top tax rate would only benefit the most wealthy in the country.
But questioned on whether that policy and others were fair to the wider public, the PM said: “The reality is having lower taxes across the board… helps everybody because it helps grow the economy and for too long the debate in this country has been about distribution, not how we grow our economy.
“It is not fair to have a recession, it is not fair to have a town where you are not getting the investment, it is not fair if we don’t get high-paying jobs in the future because we have got the highest tax burden in 70 years. That’s what is not fair.”
‘Sort this mess out’
The government is facing demands from opposition parties to recall parliament from its conference recess to deal with the economic problems.
At the end of his party’s conference on Wednesday, the Labour leader Sir Keir Starmer called on Mr Kwarteng to reverse Friday’s announcements “before any more damage is done”, telling Sky News that Ms Truss was a “danger” to the economy.
And this morning, Liberal Democrat leader Sir Ed Davey told Sky News: “Liz Truss, Kwasi Kwarteng and the rest of this amateur bunch need to get back to their offices, stop their conference and sort this mess out – come to parliament and be held accountable.”
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The Conservative Party conference is due to kick off on Saturday in Birmingham, but could be a tense affair, with several Tory MPs criticising their own government’s policies.
Several of the party’s big names, including former leadership contender and ex-Chancellor Rishi Sunak and previous Health Secretary Sajid Javid, are also thought not to be attending.
England star Jess Carter says she has been the victim of racist abuse online during the UEFA Women’s Euros in Switzerland.
The Lionesses defender, who has 49 England caps, said she will be “taking a step back from social media and leaving it to a team to deal with”.
In an Instagram post, the 27-year-old player said: “From the start of the tournament, I have experienced a lot of racial abuse. Whilst I feel every fan is entitled to their opinion on performance and result, I don’t agree or think it’s ok to target someone’s appearance or race.”
Jess Carter. Pic: PA
Carter said she was stepping back from social media to “protect myself in a bid to keep my focus on helping the team anyway I can”.
She added: “Hopefully speaking out will make the people writing this abuse think twice so that others won’t have to deal with it.”
Carter also said that England have made some “historic changes with the Lionesses squad” that she was “so proud” of, and she hopes that by speaking out about racial abuse “it will make another positive change for all”.
‘Abhorrent abuse’
The Football Association leadership has condemned the “abhorrent abuse” against Carter and has contacted UK police about it.
FA chief executive Mark Bullingham said in a statement: “Our priority is Jess and giving her all the support she needs. We strongly condemn those responsible for this disgusting racism.
“As soon as we were made aware of the racist abuse Jess received, we immediately contacted UK police. They are in touch with the relevant social media platform, and we are working with police to ensure those responsible for this hate crime are brought to justice.”
Carter during a training session in Switzerland. Pic: PA
The Lionesses said in a statement: “We stand with Jess and all Lionesses players past and present who have suffered racism.
“No one should have to endure such vile abuse, be that in football or any walk of life.”
They added: “Those behind this online poison must be held accountable.”
Anger and sadness
England teammate Lucy Bronze said there was “anger” and “sadness” among the squad following the abuse.
Bronze said: “I think we all know that any player of colour that’s played for England has probably gone through racist abuse. That’s a sad fact.”
She told Sky News’ sports correspondent Rob Harris that social media platforms need to be held more accountable.
Bronze added: “People need to be held accountable for their actions, whether it’s in-person or online. The abuse is not okay. Racism is not okay.”
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The prime minister said on X that there was “no place for racism in football or anywhere in society”.
Sir Keir Starmer added: “I stand with Jess, the Lionesses, and any players who have suffered racism, on and off the pitch.”
Carter has started all four of England’s games at the tournament.
The defending champions face Italy on Tuesday night in Geneva in the Euros semi-finals. If they win and reach the final, they will play either Germany or Spain, who face each other on Wednesday.
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The Lionesses also said that until now, they have chosen to take the knee before matches.
“It is clear we and football need to find another way to tackle racism,” they said.
England won’t be taking the knee before semi-final
The Lionesses said they have agreed as a squad to remain standing before kick-off in the match against Italy.
“We hope the game can come together to see what more can be done.”
Kneeling, a symbolic anti-racism gesture, came to prominence in 2016 when NFL player Colin Kaepernick knelt in protest during the United States national anthem and became more widespread during the Black Lives Matter movement.
As head of football’s anti-racism body, there was dread for Sanjay Bhandari watching England’s Women’s Euros quarter-final with Sweden.
But that’s, grimly, how it always is. Concerned that black players will be singled out for blame. Not with a legitimate critique of their performances, but with toxicity and racism.
And now Kick It Out is working with the Football Association to support Jess Carter after the England defender spoke out over the abuse she has been targeted with throughout the Women’s European Championship.
The players want social media firms to do more, but Mr Bhandari, the Kick It Out chairman, is concerned by their limited approach to the scourge of online hate.
Jess Carter says she has been the target of racist abuse. Pic: PA
“The social media companies need to do far more,” he told Sky News. “They’ve actually gone backwards over the last four or five years, not forwards. It’s got worse on social media, not better.
“And they need to provide us with the tools to help keep us safe and to remove some of this toxicity from the platforms. They’re just not doing enough.
“I would say that X is the worst. It has become no-holds-barred.
“And with Instagram, it is much more in the direct messaging, and I think there needs to be much more done there to protect people from those messages.”
Meta, which owns Instagram, did not reply to a request for comment.
There was no response from an email sent to X’s press email address.
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‘People need to be held accountable’ after Euros racism
LinkedIn indicated that X’s UK managing director Jonathan Lewis’s account had seen a request for comment, but there was no response.
On Friday, Mr Lewis and Premier League club Burnley were celebrating a new partnership in an announcement that made no mention of the abuse that many players across the world face on X.
The hope is that the Online Safety Act will lead to social media firms implementing the safety tools required of them.
Mr Bhandari said: “They have to be enforced by law enforcement against individual perpetrators, and also the regulatory parts need to be forced against the social media companies to force them to do the things that they need to do.”
Grimly familiar situation
The FA reported the abuse suffered by Carter to police, and the hope is for speedy action because this is a grimly familiar situation.
After the men’s Euros final in 2021, Marcus Rashford, Jadon Sancho and Bukayo Saka were racially abused after missing penalties in the shootout defeat to Italy.
Bukayo Saka was among the England players targeted after missing penalties in the Euros final. Pic: Reuters
While players have been taking a knee against racism in men’s and women’s games, the Lionesses feel that is no longer enough at these Euros.
They will stand instead before the semi-final with Italy because they say a new approach is needed to tackle racism.
Read more from Sky News:
Lionesses ‘very optimistic’ Williamson will be fit for semi-final
Team went from sloppy to celebratory in nerve-shredding quarters
Carter didn’t just face racism around the quarter-final that England won on penalties after fighting back from 2-0 down against Sweden here in Zurich.
She has been subjected to abuse throughout the Euros.
“I’m really feeling for Jess and what’s sad is that this is shocking, but not surprising,” Mr Bhandari said.
“I watch every England game, at every tournament, with the fear that after the match, there’s going to be abuse of a black player using the spurious basis of performance as an excuse to justify unjustifiable racism. All racism is unjustifiable.
“The fact that someone’s had a good or bad game in your opinion does not justify that kind of racist abuse.”
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