Liz Truss tonight vowed to get ‘borrowing back on track’ as she admitted Britain was in ‘a very serious situation’ and denied she’s pretending there’s ‘no crisis’.
After almost a week of economic turmoil following Chancellor Kwasi Kwarteng’s tax-cutting mini-Budget, the Prime Minister emerged from No10 to conduct a series of BBC local radio and TV interviews.
Chaos on the financial markets in the past week has seen the pound slump to its lowest in decades against the dollar.
Mortgages costs have soared, while the availability of property loans has dramatically dropped, and the Bank of England was yesterday forced to pump an estimated £45billion into the bond market to protect millions of pensions.
Ms Truss’s woes were compounded further when a new YouGov poll for The Times found Labour had surged to a 33-point lead over the Tories, little more than three weeks into her premiership.
The survey, carried out today and yesterday, showed Conservative support had fallen by seven points in…