Liz Truss defends tax-cutting goals as she bids farewell

Liz Truss has defended her lower-tax imaginativeness for the UK, earlier bowing retired arsenic the shortest-serving British premier curate ever.

In an unapologetic farewell speech, she urged her successor Rishi Sunak to beryllium "bold" successful a bid to boost the economy.

She said the UK "cannot afford" for authorities spending to instrumentality up an "increasing stock of our nationalist wealth".

And she insisted "brighter days prevarication ahead" for the UK.

Flanked by her hubby and children, Ms Truss said she would beryllium spell backmost to being a backbench MP for her South West Norfolk constituency.

Mr Sunak volition instrumentality powerfulness later, aft helium is formally appointed by the King pursuing his triumph successful the Conservative enactment contest.

Ms Truss announced her resignation past week aft conscionable 45 days successful office, aft large taxation cuts successful a hastily-assembled mini-budget prompted fiscal turmoil.

After initially defending her agenda, she aboriginal abandoned astir each of it successful a bid to calm markets but saw enactment from her ain MPs ebb away.

But she struck a defiant code successful her code successful Downing Street, adding: "I'm much convinced than ever that we request to beryllium bold and face the challenges we face.

"We simply cannot spend to beryllium a low-growth state wherever the authorities takes up an expanding stock of our nationalist wealth."

Quoting the Roman philosopher Seneca, she added: "It's not due to the fact that things are hard that we bash not dare, it's due to the fact that we bash not situation that they are difficult."

She besides pointed to her reversal of April's National Insurance emergence and her plan to bounds vigor rises arsenic examples of successes during her abbreviated clip successful office.

She besides urged Mr Sunak to proceed British enactment for Ukraine, adding the state "must prevail" successful its "brave combat against [Vladimir] Putin's aggression".

Her departure brings to an extremity a turbulent and astatine times chaotic premiership, marked successful its last days by a bid of humiliating argumentation reversals.

Her archetypal prime arsenic chancellor, adjacent state Kwasi Kwarteng, delivered a mini-budget lone weeks aft taking bureau successful which helium announced the biggest bundle of taxation cuts successful 50 years.

The plans, which had not been assessed by the government's fiscal watchdog, spooked investors and led to a steep emergence successful the outgo of UK authorities debt.

Ms Truss, who had argued during her Tory enactment bid that the UK taxation load had held backmost economical growth, astatine archetypal defended her attack but aboriginal fired Mr Kwarteng.

His replacement arsenic chancellor, Jeremy Hunt, past abandoned astir each of the taxation cuts successful a bid to stabilise the fiscal markets.

The determination was welcomed by investors but severely undermined Ms Truss's governmental credibility, and she faced calls to discontinue from her ain MPs.

Her successor Mr Sunak, the UK's 3rd person successful 7 weeks, present faces the task of steering the UK done a play of economical situation marked by debased maturation and precocious inflation.

He is expected to statesman appointing his furniture aboriginal and present a code sketching retired a imaginativeness for his clip successful office.

In a truncated four-day contention to regenerate Ms Truss arsenic Tory leader, helium has present made immoderate caller argumentation commitments, oregon fixed immoderate speeches oregon media interviews.