Liz Truss has set anti-record of being PM UK
2023.02.05 06:28
Liz Truss has set anti-record of being PM UK
By Ray Johnson
Budrigannews.com – On Sunday, Liz Truss attributed the derailment of her premiership and “plan for growth” to the economic “orthodoxy” in the country’s finance ministry, other nations, and a portion of the ruling Conservative Party.
Last year, Truss’s mini budget and tax cuts, which were largely unfunded, raised borrowing costs and mortgage rates, sent the pound plunging, and shattered Britain’s reputation for financial stability, ended her term.
In her first major foray into politics since the abrupt end of her premiership after just over six turbulent weeks in power, Truss wrote in the Sunday Telegraph that she believed her recipe for Britain was the right one by reducing taxes and removing some regulations.
She wrote that “the blob of vested interests” and orthodoxy were to blame for her failure to succeed.
She wrote, “I am not claiming to be blameless in what happened, but fundamentally I was not given a realistic chance to enact my policies by a very powerful economic establishment, coupled with a lack of political support.” “I am not claiming to be blameless in what happened,” she added.
“When I entered Downing Street, I assumed that my mandate would be honored and respected.” How unwise I was. I underestimated the system’s resistance to my program, even though I anticipated it.
She attributed the response not only to the left-leaning economic establishment’s orthodoxy but also to liability-driven investments (LDI), which pension funds use to cover their liabilities. After her mini-budget, LDIs were at the center of the market turmoil.
Additionally, Truss stated that she had underestimated “the resistance within the Conservative parliamentary party to move to a lower-tax, less-regulated economy” and a global push to “limit competition” between major economies.
“I wanted to go for growth, as I had spelled out during the leadership campaign… But this was not in line with the instinctive views of the Treasury (finance ministry) or the wider orthodox economic ecosystem,” the candidate stated.
The business minister, Grant Shapps, stated that while everyone wanted lower taxes, Prime Minister Rishi Sunak’s administration needed to first focus on lowering debt, lowering inflation, and boosting growth.
The Labour Party in Britain’s opposition said it was time for a new government.
Rachel Reeves, Labour’s financial policy chief, stated, “The Conservatives crashed the economy, sank the pound, put pensions in danger, made working people pay the price through higher mortgages for years to come.”
“Only Labour offers the leadership and ideas to fix our economy and get it growing after 13 years of low growth, squeezed wages, and higher taxes under the Tories.”
