Former British Prime Minister Liz Truss blamed economic “orthodoxy” in the country’s finance ministry, other nations and parts of the ruling Conservative Party on Sunday for derailing her premiership and her “plan for growth”.
Truss’s tenure was cut short last year after his largely unfunded mini-budget and tax cuts drove up borrowing costs and mortgage rates, sent the pound down and destroyed Britain’s reputation for stability. financial.
Writing in the Sunday Telegraph newspaper in his first major foray into politics since the abrupt end of his premiership after just over six turbulent weeks in power, Truss wrote that he believed his recipe for Britain cutting taxes and removing some regulations was that right.
But he was unsuccessful, he wrote, because he underestimated “the mass of vested interests” and orthodoxy.
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British Prime Minister Liz Truss addresses the media on Downing Street in London on Thursday 20 October 2022.
(AP Photo/Alberto Pezzali)
“I am not claiming I am blameless for what happened, but fundamentally I have not been given a realistic chance to implement my policies by a very powerful economic establishment, coupled with a lack of political support,” he wrote.
“Walking into Downing Street I thought my mandate would be respected and accepted. How wrong I was. While I anticipated resistance to my program from the system, I underestimated its extent.”
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He attributed the backlash not only to what he described as the leftist orthodoxy of the business establishment but also to liability-based investing (LDI), which pension funds use to cover their obligations. LDIs have been at the center of the market turmoil following its mini-budget.
The Bank of England building reflected in a sign, London, Britain on 16 December 2021.
(Reuters/Toby Melville)
Truss also said he underestimated “resistance within the Conservative Parliamentary Party to move to a lower taxed and less regulated economy” and a push on the global stage to “limit competition” between major economies.
“As I explained during the leadership campaign, I wanted to aim for growth… But this was not in line with the knee-jerk views of the Treasury (ministry of finance) or the broader Orthodox economic ecosystem.”
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Grant Shapps, business minister, said everyone wanted lower taxes, but Prime Minister Rishi Sunak’s government first needed to focus on debt relief, bring down inflation and boost growth.
The opposition British Labor Party said it was time for a change of government.
The Houses of Parliament in London, UK on Friday 23rd September 2022.
(Chris J. Ratcliffe/Bloomberg via Getty Images)
“The Conservatives have crashed the economy, sunk the pound, imperiled pensions and made workers pay the price through higher mortgages for years to come,” said Rachel Reeves, Labour’s finance policy chief.
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“After 13 years of low growth, low wages and higher taxes under the Tories, only Labor offers the leadership and ideas to fix our economy and make it grow.”
