By Imran Khan • 05 February 2023 • 12:03
Former UK PM blames Conservative Party for her downfall .
Photo by ComposedPix Shutterstock.com
Former UK prime minister Liz Truss has recently written a 4,000-word essay and says she is not blameless in what happened, but was not given a realistic chance to enact her policies
Liz Truss has recently written a 4,000-word essay explaining her catastrophic tenure as UK´s prime minister stating that her failure was due to her own Conservative Party and the economic establishment.
She made her first detailed comments about her time at Downing Street in the Sunday Telegraph, stating, “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 assumed upon entering Downing Street that my mandate would be respected and accepted, how wrong I was.”
“While I anticipated resistance to my programme from the system, I underestimated the extent of it.”
“Similarly, I underestimated the resistance inside the Conservative parliamentary party to move to a lower-tax, less-regulated economy.”
Trust also said that, if given more time, during her medium term, the policies proposed would have “increased growth and therefore brought down debt”.
She however claimed that no warning was given about the risk of the bond markets by the liability-driven investments (LDIs).
“Only now can I appreciate what a delicate tinderbox we were dealing with in respect of the LDIs,” she added.
Truss also said that the officials from the treasury “blindsided her on the collapse of the pension market”.
“Frankly, we were also pushing water uphill,” she said.
She added, “Large parts of the media and the wider public sphere had become unfamiliar with key arguments about tax and economic policy and over time sentiment had shifted left-wards.”
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