But the prime minister says she sticks by her mini budget, despite a bad reaction from the markets.
The announcements sparked days of turbulence in financial markets, with the pound falling to a record low against the US dollar on Monday, although it has since recovered.
In an interview for the BBC's Sunday With Laura Kuenssberg, she said she remained committed to her approach and she was "confident" better growth would result."I do stand by the package we announced and I stand by the fact we announced it quickly, because we had to act," the prime minister added. She added that the cut was a decision made by Chancellor Kwasi Kwarteng - prompting former cabinet minister and Boris Johnson loyalist Nadine Dorries to accuse her of throwing him "under a bus".
Also speaking to Laura Kuenssberg, she said investors had been spooked by the "sheer scale of the borrowing" to fund the tax cuts, alongside the decisionShe added that the public would "pay the price" for the turbulence, and said Ms Truss had failed to understand the "anxiety and fear" about the state of the economy.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ground should have been laid for tax cuts, admits Liz TrussBut the prime minister says she sticks by her mini budget, despite a bad reaction from the markets.
Read more »
Truss admits she could have 'laid the ground' better on tax cutsShe confirmed the decision to scrap the top rate of income tax for the nation’s highest earners was made by Kwasi Kwarteng rather than being agreed by the wider Cabinet.
Read more »
Liz Truss admits disruption after tax cut pledgesThe prime minister acknowledges her economic plans will 'involve disruption in the short term'.
Read more »
Liz Truss admits mistakes over mini-budget but stands by tax-cutting packageThe Prime Minister said she had not laid the ground properly for the plan.
Read more »