Liz Truss blames UK market turmoil on Russia's war in Ukraine

In her first public interview as the British Prime Minister to the local BBC radio station, Liz Truss defended her economic policy saying that she is “prepared to take difficult decisions” and will not deter despite that her government’s announcement of billions in uncosted tax cuts rattled the market. Truss on Thursday blamed Russia for the economic issues that are facing her administration, calling the problem "global."

When asked about her economic policies that forced a dramatic £65 billion intervention from the Bank of England, Truss passed the buck saying that the situation was spurred by Moscow's brutal invasion of Ukraine, adding that Russia is responsible for the market turmoil. Bank of England earlier yesterday had to resort to some dire emergency measures as the pound tumbled in order to stabilise UK's financial market headed for a crisis. The investors have been wary of Truss' economic policy of unfunded tax cuts, which time and again, the British Prime Minister shrugged off as a "negative reaction." 

“We had to take urgent action to get our economy growing, get Britain moving and also deal with inflation," said the British Prime Minister during the interview. 

'This is the right plan': Liz Truss

On Thursday, the British pound plunged to a record low that sent the cost of government debt soaring but Truss insisted, “I’m very clear the government has done the right thing."  “This is the right plan," she asserted. Truss justified her economic plan, saying, that the UK government had to take "decisive action" to get the economy growing despite the global challenges stemming from Russia's war. “Of course, lots of measures we have announced won't happen overnight. We won't see growth come through overnight," she further explained. 

“What is important is that we are putting this country on a better trajectory for the long term," the British Prime Minister further iterated. Truss also justified her government's decision to cap energy bills for the Brtiish households and businesses. She maintained that the policy will help reduce the impact of inflation and will instead help millions of people that will face the cost of living crisis stabilise their monetary situation.