Liz Truss defends mini-budget, saying she has to do ‘what I believe is right’ – UK politics live

Liz Truss is in denial. That is the primary takeaway from this morning’s BBC local radio interview round. She was asked repeatedly about the economic turmoil unleashed by the mini-budget last Friday, which has pushed up government borrowing costs, and which is set to push up mortgage rates more sharply than was expected because it included unfunded tax cuts and traders do not believe the government’s claim that they will eventually pay for themselves through higher growth.

She claimed that the “vast majority” of what was announced on Friday related to the energy bills package. This is true in the sense that, for the first time on Friday,, the chancellor, put a price tag on the energy bills measures already announced and that, at £60bn for six months, this cost more than the tax cuts. But these measures had already been announced, and the price was no surprise. It was not that that spooked the markets.

Truss claimed that this was a global crisis, caused by Vladimir Putin. In terms of energy prices, she is absolutely right. But the energy bills package did not cause the current turmoil. And it was not Putin’s decision to abolish the 45% highest rate of tax in the UK, to ban the OBR from producing a new economic forecast, or accelerate a programme of unfunded tax cuts.

And, when asked about interest rates, Truss tried to imply that was nothing to do with her, because they are set by the independent Bank of England. They are. But the Bank responds to decisions taken by the government. Her answers on this were not quite dishonest, but they were certainly disingenuous.

Truss is not daft and she must know that the ‘lines to take’ she is relying upon do not address the questions she needs to answer. The BBC radio presenters who were interviewing her could tell she was flannelling, and Tory MPs who were listening will have thought the same. It is hard to see her getting through Conservative party conference without better answers than these.

Tax cuts for the wealthy and for Corporations is stupid.

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'What is far right!'

Very Blairite. Policy is a function of personal belief rather than evidence and logic.

….. for my donors

If you see her would you tell her that she's left her packed lunch at home again.

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