It wasn’t me: Ex-UK PM Truss blames ‘system’ for her failure

Feb 5, 2023, 5:21 AM | Updated: 5:24 am
FILE - Outgoing British Prime Minister Liz Truss speaks outside Downing Street in London, on Oct. 2...

FILE - Outgoing British Prime Minister Liz Truss speaks outside Downing Street in London, on Oct. 25, 2022. Writing in the Sunday Telegraph newspaper on Sunday, Feb. 5, 2023, Truss says it wasn’t her fault. Truss alleges that a “powerful economic establishment” and opponents inside the governing Conservative Party thwarted her plans for a tax-cutting overhaul of the U.K. economy. (AP Photo/Frank Augstein, File)

(AP Photo/Frank Augstein, File)

LONDON (AP) — Former British Prime Minister Liz Truss says her failure wasn’t her fault.

Truss on Sunday blamed a “powerful economic establishment” and internal Conservative Party opposition for the rapid collapse of her government, and said she still believes her tax-cutting policies were the right ones.

Britain’s shortest-serving prime minister resigned in October, six weeks into the job, after her inaugural budget plan sparked market mayhem.

Breaking her post-premiership silence in the Sunday Telegraph newspaper, Truss said she underestimated the resistance her free-market policies would face from “the system.”

“I am not claiming to be blameless in what happened, but fundamentally I was not given a realistic chance to enact my policies by a very powerful economic establishment, coupled with a lack of political support,” she wrote.

Truss took office in September after winning a Conservative Party leadership contest to replace scandal-tarnished Prime Minister Boris Johnson. Her promise to spur economic growth with tax cuts and deregulation enthused Tory members, but a budget containing 45 billion pounds ($54 billion) in unfunded tax cuts — including an income tax reduction for the highest earners — spooked the financial markets.

The prospect of more debt and higher inflation sent the pound plunging to its lowest-ever level against the U.S. dollar. The cost of government borrowing soared and the Bank of England had to step in to prop up the bond market and prevent a wider economic meltdown that threatened people’s pensions.

Truss first fired her Treasury chief, Kwasi Kwarteng, then quit herself.

In the article, she claimed her government was made a “scapegoat” for long-brewing instability with liability driven investments, a form of bond market derivatives in which pension funds are heavily invested,

Truss said she still believed her low-tax, small-state agenda “was the right thing to do, but the forces against it were too great.” She claimed “large parts of the media and the wider public sphere” had a left-wing slant, and criticized U.S. President Joe Biden for calling her plan a mistake.

Critics accused the former prime minister of rewriting history and using the populist playbook by blaming the system for her own failures.

Gavin Barwell, a Conservative who was chief of staff to ex-Prime Minister Theresa May, tweeted at Truss: “You were brought down because in a matter of weeks you lost the confidence of the financial markets, the electorate and your own MPs. During a profound cost of living crisis, you thought it was a priority to cut tax for the richest people in the country.”

Cambridge University economist Charles Read said he warned the Treasury in early September that a sudden economic stimulus package “risked financial instability and a financial crisis.

“The mini-budget crisis last autumn was predictable, preventable & avoidable,” he wrote on Twitter.

Truss’ article could put more pressure on Prime Minister Rishi Sunak, a former Treasury chief installed by the Conservatives to calm the markets and steady the government after her departure.

Sunak says tackling double-digit inflation is more important than immediate tax cuts. But with the economy still struggling — the International Monetary Fund says Britain will be the only major economy to contract this year — and the party lagging well behind Labour in opinion polls, some Conservative lawmakers are getting restless.

A faction inside the party is still pushing immediate tax cuts, despite the damage done by “Trussonomics.”

Lawmaker Jake Berry, a former party chair, said that while Truss’ agenda “wasn’t delivered in the right way,” she had the right instincts.

“Her point of, we need to lower taxes, we need to create a growing economy, that’s what people want,” Berry told the BBC. ___

Follow AP’s coverage of U.K. politics at https://apnews.com/hub/united-kingdom-government

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Haitian migrant Gerson Solay, 28, carries his daughter, Bianca, as he and his family cross into Can...
Associated Press

US, Canada to end loophole that allows asylum-seekers to move between countries

President Joe Biden and Canadian Prime Minister Justin Trudeau on Friday announced a plan to close a loophole to an immigration agreement.
1 day ago
Expert skateboarder Di'Orr Greenwood, an artist born and raised in the Navajo Nation in Arizona and...
Associated Press

Indigenous skateboard art featured on new stamps unveiled at Phoenix skate park

The Postal Service unveiled the “Art of the Skateboard" stamps at a Phoenix skate park, featuring designs from Indigenous artists.
1 day ago
(Facebook Photo/City of San Luis, Arizona)...
Associated Press

San Luis authorities receive complaints about 911 calls going across border

Authorities in San Luis say they are receiving more complaints about 911 calls mistakenly going across the border.
7 days ago
(Pexels Photo)...
Associated Press

Daylight saving time begins in most of US this weekend

No time change is observed in Hawaii, most of Arizona, Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam and the Northern Marianas.
15 days ago
Mexican army soldiers prepare a search mission for four U.S. citizens kidnapped by gunmen in Matamo...
Associated Press

How the 4 abducted Americans in Mexico were located

The anonymous tip that led Mexican authorities to a remote shack where four abducted Americans were held described armed men and blindfolds.
15 days ago
Tom Brundy points to a newly built irrigation canal on one of the fields at his farm Tuesday, Feb. ...
Associated Press

Southwest farmers reluctant to idle farmland to save water

There is a growing sense that fallowing will have to be part of the solution to the increasingly desperate drought in the West.
22 days ago

Sponsored Articles

(Photo by Michael Matthey/picture alliance via Getty Images)...
Cox Communications

Valley Boys & Girls Club uses esports to help kids make healthy choices

KTAR’s Community Spotlight focuses on the Boys & Girls Club of the Valley and the work to incorporate esports into children's lives.
(Pexels Photo)...

Sports gambling can be fun for adults, but it’s a dangerous game for children

While adults may find that sports gambling is a way to enhance the experience with more than just fandom on the line, it can be a dangerous proposition if children get involved in the activity.
...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
It wasn’t me: Ex-UK PM Truss blames ‘system’ for her failure