According to former British Prime Minister Liz Truss, its demise is entirely due to “economic orthodoxy” in the Treasury, other countries and parts of the ruling Conservative Party. She says it in the Sunday Telegraph.
Truss’s tenure lasted just 45 days after he got the UK into big trouble by filing uncalculated financial plans and proposing tax cuts. These have not only caused unprecedented price increases, but also a free fall in the British pound and a ruined financial reputation for financial stability.
It’s the first time since the abrupt end of his six-week mandate that Truss has spoken politics. In the same article you write that you are convinced that cutting taxes and abolishing some rules would be the way forward for the United Kingdom.
Without success
But, she also writes, it was unsuccessful. And that would be largely because she allegedly underestimated the “vested interests” and “orthodoxy” of her work environment. “I’m not saying I’m not partly responsible for what happened, but fundamentally I was never given a realistic chance to properly implement my policies,” said Truss, who felt opposed by the political establishment. “When I first moved to Downing Street I thought my Monday would be respected and accepted, but I was wrong. While I had always expected some backlash against my policies, I never imagined it would be this bad.
The main culprit in that story would not only be the “leftist orthodoxy” of the business establishment, but also the so-called liability-based investing (LDI) that pension funds use to back up their obligations. According to Truss, those LDIs were at the heart of all the problems. For this it was also obstructed by the Conservative Party, which, according to Truss, did not want an economy with lower taxes and less government interference».
Grow
“During my campaign I made it clear on several occasions that I wanted the UK to grow,” he told the paper. “But that clearly didn’t align with the Treasury Department’s view or with the orthodox economic ecosystem we find ourselves in.”
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
