LONDON – Former British prime minister Liz Truss blamed on Sunday, February 5, the economic “orthodoxy” in the country’s finance ministry, other nations and in parts of the governing Conservative Party, for derailing her premiership and “plan for growth.”last year after her largely unfunded mini budget and tax cuts pushed up borrowing costs and mortgage rates, sent the pound tumbling and shattered Britain’s reputation for financial stability.
“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. She blamed the reaction not only on what she described as the left-leaning orthodoxy of the economic establishment but also on liability-driven investments , which pension funds use to cover their obligations. LDI’s were at the centre of the market turmoil following her mini-budget.
“As I had spelled out during the leadership campaign, I wanted to go for growth,” she added. “But this was not in line with the instinctive views of the Treasury or the wider orthodox economic ecosystem.”
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