Former UK Prime Minister Liz Truss has defended her short time in office and blamed the Bank of England (BoE) for her downfall. Truss, who lasted only 44 days as leader, spoke on The Master Investor Podcast with Wilfred Frost.
Her premiership collapsed in 2022 after she and her chancellor Kwasi Kwarteng announced £45bn of unfunded tax cuts in a “mini-budget.” The move caused financial chaos and damaged confidence in the UK economy.
However, Truss now says the Bank of England, not her government, was at fault. She argued that she was “not captain of the ship” because the BoE controlled monetary policy and was “pursuing its own agenda.” She also accused the BoE and the Office for Budget Responsibility (OBR) of working against her and leaking negative information.
Truss called this the work of an “economic blob” in Britain. She said these institutions had failed the country, causing “economic stagnation” and poor public services. She believes the UK needs big “institutional change,” similar to the “revolution” Donald Trump brought to the US.
Looking at current politics, Truss warned that Britain is heading toward “calamity” under Prime Minister Keir Starmer and Chancellor Rachel Reeves. She argued they follow the same “economic orthodoxy” that has “ruined the country.”
She also admitted she does not expect the Conservative Party to win the next election, blaming its failure to challenge the “leftist establishment.”
When asked if she would return to frontline politics, Truss replied she would “never rule anything out.” She said her main goal has always been to see Britain “be a great nation again,” but she feels the country has “sunk” with a weak economy and lost industry.
-Peace News Desk