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Liz Truss blames economic ‘orthodoxy’ and the Conservative Party for the downfall

Liz Truss blames economic ‘orthodoxy’ and the Conservative Party for the downfall


Former British Prime Minister Liz Truss on Sunday blamed the economic “orthodoxy” of the country’s finance ministry, other nations and parts of the ruling Conservative Party for derailing her job as prime minister and her ” growth plan.

Truss’ 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 plummeting and shattered a reputation for stability finance of Great Britain.

Writing in the Sunday Telegraph newspaper on her first major foray into politics since the abrupt end of her premiership after just over six turbulent weeks in office, Truss wrote that she believed her recipe for Great Britain Britain by reducing taxes and removing some regulations was the right one.

But she failed, she writes, because she underestimated “the mass of vested interests” and orthodoxy.

“I don’t pretend to be blameless in what happened, but basically a very strong economic establishment didn’t give me a realistic chance to implement my policies, coupled with a lack of political support,” he said. she writes.

“I assumed on entering Downing Street that my mandate would be respected and accepted. How wrong I was. While I anticipated resistance to my program from the system, I underestimated the extent of it. .

Former prime ministers Liz Truss and Boris Johnson at the National Service Remembrance in November 2022.
Former prime ministers Liz Truss and Boris Johnson at the National Service Remembrance in November 2022.

She blamed the reaction not only on what she described as the leftist orthodoxy of the economic establishment, but also on liability-driven investing (LDI), which pension funds use to hedge their obligations. LDIs were at the center of the market turmoil following its mini-budget.

Truss also said she had underestimated “resistance within the Conservative Parliamentary Party to moving to a less taxed and less regulated economy” and a desire on the world stage to “limit competition” between major economies.

“As I had made clear during the leadership campaign, I wanted to go for growth… But that was not in line with the instinctive views of the Treasury (Ministry of Finance) or the orthodox economic ecosystem in the sense wide.”

Business Minister Grant Shapps said everyone wanted lower taxes, but Prime Minister Rishi Sunak’s government must first focus on debt reduction, inflation reduction and stimulus of growth.

Britain’s opposition Labor Party has said it’s time for a change of government.

“The Tories have crashed the economy, sunk the pound, jeopardized pensions and made working people pay the price with higher mortgages for years to come,” said Rachel Reeves, chief financial policy officer of the Tillage.

“After 13 years of weak growth, squeezed wages and higher taxes under the Tories, only Labor offers the leadership and ideas to fix our economy and grow it.”




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