NEWS STORY : Liz Truss defends her Economic Record when Prime Minister
STORY
In a speech at the Institute for Government the former Prime Minister Liz Truss defended her economic policies, although wasn’t drawn on why she sacked her Chancellor Kwasi Kwarteng who had started to implement them. Truss spoke about the UK’s long-term economic problems and gave her proposed solutions. She argued that the UK has a problem with economic growth and that the government needs to take action to address it. She proposes a three-pronged approach of tax cuts, supply-side reforms, and public spending restraint, arguing that these policies will lead to higher economic growth and investment. Truss said:
“State spending now accounts for 46% of GDP, higher than it was in every year in Britain except for 1975 and up from 34.8% in the year 2000. No other European country has seen this level of growth in state spending, apart from Greece and Spain.”
Truss blamed the political balance in the economy, despite the Conservative Government having been in power for 13 years, saying:
“We’ve all got to admit that it’s the left that made the running. And we’ve seen that regardless of which government has been in power, from the energy price gap to the 2050 climate change target to the ESG agenda in companies. There’s been a cultural shift across both business and the public sector. Towards a lot more left wing policies. And despite the long record of failure of industrial policy, it’s back in vogue again, people are talking about it”.
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