Britain’s shortest-term prime minister, Liz Truss, blames economic “orthodoxy” for the collapse – #Britains #shortestterm #prime #minister #Liz #Truss #blames #economic #orthodoxy #collapse
LONDON, Feb 5 (Reuters) – Former British Prime Minister Liz Truss on Sunday at the country’s finance ministry, other nations and judge He blamed economic “orthodoxy” in some parts of the Conservative Party for undermining his prime ministership and “growth plan”.
Truss’ tenure last year saw his largely unfunded mini-budget and tax cuts were cut short after raising borrowing costs and mortgage rates, causing the pound to depreciate and undermining Britain’s reputation for financial stability.
Truss, writing in the Sunday Telegraph in his first major policy foray since the abrupt end of his prime ministership after just over six stormy weeks in power, has cut taxes and scrapped some regulations. Britain wrote that he believed his recipe was correct.
But he did not succeed because he underestimated the “block of interests” and orthodoxy.
“I don’t claim that I am innocent in what happened, but basically I have a very strong economic institution and political “With the lack of support, I have not been given a real chance to implement my policy,” he wrote.
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“When I entered Downing Street, I assumed that my mandate would be respected and accepted. How wrong I was. Although I expected resistance to my program from the system, I underestimated its magnitude.”
He saw the reaction not only in what he described as the left-leaning orthodoxy of the economic establishment, but also pension blamed it on liability-based investments (LDI), which its funds use to pay off their liabilities. LDIs were at the center of the market turmoil after his mini-budget.
Truss is also known as “Conservative parliament said he underestimated resistance within his party to a move to a lower-taxed, less-regulated economy” and a move to “limit competition” among major economies on the global stage.
“As I mentioned during the leadership campaign, I wanted to go for growth… But that didn’t align with the instinctive views of the Treasury (finance ministry) or the wider orthodox economic ecosystem.”
Business Minister Grant Shapps said everyone wants lower taxes, but Prime Minister Rishi Sunak said his government should focus on reducing debt, bringing down inflation and boosting growth.
Britain’s opposition Labor Party said that the time has come for a change of government.
“The Conservatives have crashed the economy, sunk the pound, jeopardized pensions and forced working people to pay the price with higher mortgages for years to come,” said Rachel Reeves, Labour’s head of finance policy.
“13 years of low growth under the Tories, squeezed labour after fees and higher taxes, just to fix our economy and keep it growing Labor leadership and ideas offer does.”
Reporting by Elizabeth Piper; Edited by Elaine Hardcastle
Our standards: Thomson Reuters Trust Principles.
2023-02-05 17:08:02
Source – reuters
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