Liz Truss and the Mortgage Mayhem
In a recent interview with Sky News, Liz Truss, the former Prime Minister, refused to take responsibility for the surge in mortgage rates that followed her October 2022 mini-budget. Truss shifted the blame to the Bank of England, accusing them of undermining policy during her short-lived tenure at Number 10. Despite facing criticism for the sharp rise in interest rates, Truss defended her actions, stating that the challenges she encountered were not unique to the UK but rather a global phenomenon.
Truss, who was in Washington DC promoting her new book, ‘Ten Years To Save the West,’ expressed regret over the loss of confidence in her government by financial markets post-mini-budget. She acknowledged the lack of a meeting with Bank of England governor Andrew Bailey, attributing the decision to advice from the cabinet secretary.
Truss’s Stance on Leadership
During an appearance on ‘Sunday Morning With Trevor Phillips,’ Truss clarified that she has no intention of reinstating herself as a leader, despite previous hints at unfinished business with the Conservative Party. When directly asked about returning to Downing Street, Truss firmly stated, ‘No.’ Her new book, she emphasized, is not an attempt to position herself for a prime ministerial comeback.
Criticism and Response
Critics have lambasted Truss for her handling of the mini-budget, which included £45 billion of unfunded tax cuts, leading to market turmoil and a spike in mortgage rates. Shadow Chief Secretary to the Treasury Darren Jones condemned the Conservative government’s economic policies, highlighting the impact on pensions and the financial burden on families.
Truss’s narrative places blame on the Bank of England’s actions, deflecting accusations of mismanagement. She challenges the prevailing discourse surrounding the events of autumn 2022, accusing the Labour Party of capitalizing on false narratives.
Moving Forward
As the debate continues over the aftermath of Truss’s policies, the focus remains on the implications for homeowners and the broader economy. The refusal to accept responsibility underscores the complexities of economic decision-making and the enduring impact on individuals and institutions.
