Liz Truss apologises for ‘mistakes’ and vows to remain prime minister

Chancellor asserts PM will still be in post at Christmas as five Tory MPs call for her to resign

Britain's Prime Minister Liz Truss has apologised for mistakes in her chaotic first month in office and insisted she will remain in office to lead the Conservatives into the next general election.

After the government's fiscal policies unnerved the markets, Ms Truss said she had “adjusted what we’re doing” by tearing up her policies to “restore economic stability”.

“I do think it is the mark of an honest politician who does say, yes, I’ve made a mistake,” she told the BBC.

Ms Truss will meet her cabinet on Tuesday with ministers in every department to be told to find cuts.

But the prime minister is battling to save her premiership after her economic agenda was left in tatters by the dismantling of her former chancellor’s landmark mini-budget.

After new Chancellor Jeremy Hunt scaled back the energy support package and ditched “almost all” of the tax cuts announced by his predecessor, Ms Truss said she wanted to “accept responsibility and say sorry for the mistakes that have been made”.

“I wanted to act … to help people with their energy bills to deal with the issue of high taxes, but we went too far and too fast. I’ve acknowledged that,” she told the BBC.

She said she was “sticking around” because she was “elected to deliver for this country”.

“I will lead the Conservatives into the next general election.”

The five candidates vying to replace Liz Truss - in pictures

British Prime Minister Liz Truss has resigned from her position. Here, 'The National' takes a look at the candidates vying to replace her, including former Chancellor of the Exchequer Rishi Sunak, above. PA

Britain's Leader of the House of Commons Penny Mordaunt. AFP

Former Prime Minister Boris Johnson. Reuters

Former Home Secretary Suella Braverman. EPA

Britain's Defence Secretary Ben Wallace. AFP

Current Chancellor of the Exchequer Jeremy Hunt. PA

Earlier on Monday, Mr Hunt said he believed Ms Truss would still be prime minister at Christmas.

In an interview with Sky News, the new Chancellor called on Conservative MPs to "give her a chance".

Mr Hunt ruled out becoming prime minister himself: "I rule it out, Mrs Hunt rules it out, three Hunt children rule it out."

"She's [Ms Truss] Prime Minister, she has got important decisions to make.

"People who want her to go need to ask themselves whether more political instability is going to help keep mortgage rates down, keep interest rates down, calm the markets.

"I don't think political instability is the answer. She's been Prime Minister for about five weeks and we need to give her a chance."

"I would rather a leader who listens, learns and changes and I think we would have more instability, much more instability, if we were to have a leadership process."

Liz Truss's political career - in pictures

New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP

Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA

Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA

Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP

Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP

Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street

Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA

Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street

Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street

Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street

Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street

Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA

Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street

The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street

Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA

Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street

Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street

Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA

Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA

Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA

In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA

When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images

Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images

Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA

Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA

The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA

Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA

The pressure on the prime minister gained traction on Monday evening with five Tories openly calling for her to go after just six weeks in power.

Sir Charles Walker was the latest to make the case for her exit.

“I think her position is untenable. She has put colleagues, the country, through a huge amount of unnecessary pain and upset and worry,” Mr Walker told Sky News.

The situation “can only be remedied” with “a new prime minister”, he said.

Earlier, the prime minister’s press secretary said at no point on Monday did Ms Truss think her time was up.

Conservative Party chairman Jake Berry said there had been a focus on “unity” as she addressed a gathering of the One Nation group of Tory MPs in Westminster.

Mr Berry said she had been “exceptional” and he had not heard any irritation towards her in the meeting, although it was still going on.

Watch: what's next for UK Prime Minster Liz Truss?