NEWS STORY : Liz Truss Defends Her Period as Prime Minister
STORY
Liz Truss, the Prime Minister between September and October 2022, has written an article in the Sunday Telegraph defending her time in office and repeating her economic vision. Truss defended her plan for economic growth, but said that:
“At no point during any of the preparations for the mini-Budget had any concerns about liability-driven investments (LDIs) and the risk they posed to bond markets been mentioned at all to me, the chancellor or any of our teams by officials at the Treasury”.
She added that “astonishingly, it turns out that the value of total assets in LDI strategies is equivalent to around 60 per cent of the UK’s GDP” and that the workings of these mechanisms helped to damage her economic plans. Truss added that “knowing what I know now, undoubtedly I would have handled things differently. I underestimated the extent to which the market was on edge and, like many others, was not aware of how fragile our system had become”, also admitting that she wasn’t a slick communicator.
In an attempt to salvage her economic plans, she condemned in the article a number of figures, including the President of the United States and other establishment figures, adding:
“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”.
RESOURCES
Section of Liz Truss’s Article
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