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British Prime Minister Liz Truss

Mary Elizabeth (Liz) Truss is a British politician Liz Truss was born on July 26, 1975 in Oxford in admitted that she did not prepare the ground well before announcing the mini-budget, which caused panic among the financial markets, the world agencies reported.

"I continue to stand by the plan that we announced and I support the idea that we announced it quickly because we had to act. But I recognize that we should have prepared the ground better," Truss told the BBC.

The admission came on the first day of the Conservative party's annual conference, led by Truss.

Critics of Truss' plan, including investors and economists, say it calls for spending billions of pounds but contains very little detail on how those funds will be recouped in the short term.

It was this uncertainty that panicked the financial markets and caused the pound to hit record lows.

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Last week, British finance minister Quasi Kwarteng unveiled a mini-budget designed by the government to tackle the rising cost of living and inflation reaching almost 10 percent.

But his ideas for direct help to pay the electricity bills and massive tax cuts for the wealthiest have sparked consternation in financial markets and fears of a rise in Britain's debt.

According to Truss, the decision to increase borrowing this winter in order to finance the mini-budget is a good one.

"Of course, in the medium term, we will have to return the debt to a certain percentage of GDP, and I have a plan for that," stressed the Prime Minister.

"But it would have been a mistake if we hadn't acted," repeated Truss.

However, she did not go into details about how she will reduce the debt after its increase.

Only three weeks in power, Truss is already more unpopular than ever among Britons.

According to a Yugav poll, 51 percent of her compatriots think she should resign, BTA notes.

Liz Truss

Great Britain