stock gb8e4dd268 1920 British Prime Minister: Tough decisions must be made to reform the economy

British Prime Minister: Tough decisions must be made to reform the economy

New British Prime Minister Rishi Sunak said on Friday tough decisions would have to be made to put British government borrowing and borrowing on a sustainable path, adding that he was confident of reforming the economy.

“We as a country are facing a lot of challenges but I am confident that we can reform the economy, ” Sunak told reporters. “The finance minister has already said that of course tough decisions will have to be made and I will sit with him and look at (these decisions) … We need to do these things so that we can Putting borrowing and debt back on a sustainable path.

Last week, Rishi Sunak won the leadership of the Conservative Party and prime minister, replacing Liz Terrace, who resigned after a political and economic crisis caused by her economic plan, which she later retracted, and it included huge unfunded tax cuts.

It is up to Sunak to tackle a recession-prone economy as the Bank of England raises interest rates to tame inflation of more than 10 percent. Weak growth and rising borrowing costs have added pressure to an already strained public finances.

Sunak postponed the announcement of an expected plan for financial reform in the country until November 17, two and a half weeks after the date that was scheduled to be announced.

The government is seeking to cut spending and eliminate tax cuts amid rising costs for mortgages, food, fuel and heating that squeeze household budgets to the limit.

“I have been honest. We will have to make tough decisions to restore economic stability and confidence,” Sunak told parliament, pledging to protect the most vulnerable.