Truss speaks in favor of an economic plan at British Conservatives gathering

British Prime Minister Liz Truss attempted to reassure the public, as well as to convince the Conservative Party by stating she needed to put more effort into "laying the ground" for an economic plan. As a result, the proposed course brought the pound down to an all-time low. 

Truss said the direction was chosen correctly, but she was unable to fully explain to critics the emerging problems’ scale, along with the urgent need for a sharp tax cut. Meanwhile, investors and traders noted these reasons couldn’t explain the falling pound and the rising cost of borrowings that took place last week.

In her interview with the BBC, the country's prime minister answered a number of questions regarding the impact of the economic plan on various areas, including mortgage and lending rates, as well as the costs of rent. “I fully realize the concerns the UK market has, referring to the changes that have taken place this week,” said Liz Truss at British Conservatives gathering.

“I support the set of measures adopted by the government. We did the right thing by announcing the package immediately, as the action must be taken now. However, we could prepare a better ground for further development.”

Jake Berry, being a chairman of the Conservative Party, also expressed his thoughts on the market response to the proposed course. In his view, there is a possibility that the markets have overreacted to the reforms. On the other hand, he admitted having no degree in economics. In an interview with Sky News, Berry stated, "We will see the final outcome in six months."