British PM Says Economy Needs A Reset

( As the UK Conservative Party prepared for its annual conference, Prime Minister Liz Truss pledged to prioritize “aspiration, enterprise, and growth,” saying the UK economy “needs a reset.”

Truss has been facing rising discontent after the pound fell to a record low against the US dollar, gilts sold off sharply, banks pulled thousands of mortgages, and the Bank of England launched a £65 billion bond-buying scheme in an attempt to stabilize government debt markets.

Truss said last weekend that the conservative Tories were the “party of aspiration, enterprise, and growth.” She said the Tory party wants to make it easier for “wealth creators, doers, and makers to get things done.”

“Britain’s economy needs a reset,” the PM said, adding that the country can’t continue on the “current trajectory of managed decline.” Truss said a new direction was needed and she would lead the country “down that path to a better future.”

Truss along with Chancellor Kwasi Kwarteng met with officials from the Office for Budget Responsibility the previous Friday hoping to reassure them that the government is committed to reducing debt and increasing growth.

The theme of last week’s 4-day Tory conference was “Getting Britain Moving.”

On Wednesday, Truss addressed the conference arguing that the party is committed to fiscal responsibility and that the current high-tax/low-growth economy is unsustainable.

Recent polling shows widespread public dissatisfaction with the Truss government. In the YouGov poll last week, the Liberal Labour Party enjoyed a 33-point lead over the Tories.

In the UK Sun last weekend, Truss conceded that her government’s “mini” budget caused a short-term “disruption,” but insisted that she held an “iron grip on the national finances.” She tried to assure the public that the government “has a clear plan” and she believed the plan was “right for the country.”