Truss: 'Sorry' for the mistakes, but 'I'm sticking around'

British Prime Minister Liz Truss apologized for "mistakes" in her program that caused investor confidence to evaporate and her poll ratings to plummet, but said she would not resign, before scrapping almost all of her program on Monday.

"I want to accept responsibility and apologize for the mistakes that were made," Truss told the BBC. "I wanted to take action to help people with their energy bills and deal with the problem of high taxes but we went too far and too fast." Chancellor of the Exchequer Jeremy Hunt, appointed on Friday after Truss sacked his close ally Kwasi Kwarteng, on Monday set aside the remaining major plans of his tax cut agenda, including withdrawing the broad energy support program. Asked if he was now prime minister in name only, Truss said he appointed Hunt because he knew he had to change direction. "It would have been completely irresponsible of me not to act in the national interest," he said. "It was right that we changed policy." Truss and Kwarteng sought to upend British fiscal policy by announcing 45 billion pounds of unfunded tax cuts last month to pull the economy out of recession. But bond investors reacted sharply and borrowing costs soared. Lenders withdrew mortgage offers and the Bank of England eventually had to step in to prevent pension funds from going under. Asked about the impact of his policies, Truss said he understood it was "very hard" for families across the country and would do what he could to help them. But the two-year energy package was drastically scaled back by Hunt and will now only last until April. "The most vulnerable will be protected until next winter," he said. "We are looking at exactly how we can do that." Truss, who became leader less than six weeks ago, faces a possible rebellion by MPs later this week, according to reports. But he remained defiant on Monday, saying he would lead the Conservatives to the next election. "I'm staying here because I was elected to serve this country," he said. "And I am determined to do that." Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!