British Prime Minister Liz Truss on Monday apologised for tax cuts and spending plans that her government had introduced less than a month ago, the BBC reported.

“I wanted to act to help people with their energy bills and to deal with the issue of high taxes, but we went too far and too fast,” Truss said.

Truss had announced a programme of tax cuts and investment incentives to boost the United Kingdom’s economy on September 26. The country is currently facing an economic crisis, with many citizens struggling to cope with rising costs of living, inflation, and increasing power bills.

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The decision had led to a loss of investor confidence as the bond market faced a setback and borrowing costs surged. Truss, who took over as prime minister on September 6, was even urged to resign from her post by members of her own Conservative party, according to CNBC.

As criticism mounted, Truss fired Finance Minister Kwasi Kwarteng on October 14 and appointed Jeremy Hunt in his place three days later. Hunt subsequently reversed almost all of the tax measures in the new Growth Plan that have not been legislated in Parliament.

On Monday, Truss said she remained committed to a “low tax, high growth economy”, but added that preserving the country’s economic stability was the priority.

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“I do think it is the mark of an honest politician who does say ‘yes, I’ve made a mistake’,” Truss told the BBC. “I’ve addressed that mistake. And now we need to deliver for people.”

She further said: “It would have been completely irresponsible for me not to act in the national interest in the way I have.”

Labour Party MP James Murray said that the apology by the British prime minister would not “undo the damage” caused by her mini-budget.

“Millions of people are facing £500 [Rs 46,701] a month increases in repayments and the whole country will suffer if services are slashed in an attempt to salvage the wreckage they have made of the public finances,” he said.