His prime minister Britannia, Liz Trussannounced today that it is abandoning its plan not to raise the corporate tax rate, in a new 180-degree reversal of the government’s economic stimulus package to “calm the markets.”

“It is clear that some parts of our mini-budget have gone too far and too fast compared to what the markets were expecting,” Liz Truss said at a very short press conference in which she insisted on the need for “stability” in the British economy. after the dismissal of Finance Minister Quasi Kwarteng.

He said the corporate tax rate would rise to 25% and a mini-budget announced by Kvarteng on September 23 called for a “freeze” at 19%, backing away from the 25% hike his predecessor had planned.

“To calm the markets”

“We must act now to reassure the markets of our fiscal discipline,” said the British Prime Minister.

The UK Prime Minister also said that government spending will grow at a slower pace than previously planned as part of a drive to reduce debt as a percentage of GDP over the medium term.

Liz Truss also said she is determined to push forward with her growth policy despite mounting criticism even from within her own party.

“I am absolutely determined to deliver on the promise I made to ensure faster growth, a more prosperous United Kingdom and get out of the storm we are going through,” she said.

^{Source: APE, AFP, Reuters.}