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Wednesday, March 29, 2023

Liz Truss blamed economic orthodoxy for her fall from government

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In his first major foray into politics since the abrupt end of his term after just over six turbulent weeks in power, Truss wrote in The Sunday Telegraph that he believed his recipe for the UK, of cutting taxes and removing some regulations, was the right one.

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However, he wrote, he was unsuccessful because he underestimated “the mass of vested interests” and orthodoxy.

“I do not mean to say that I am not to blame for what happened, but ultimately I did not have a realistic opportunity to implement my policies because of a very powerful economic establishment, coupled with a lack of political support,” he wrote.

“I assumed going into Downing Street that my mandate would be respected and accepted. How wrong I was. Although I anticipated the establishment’s resistance to my program, I underestimated its scope,” he added.

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Truss also said that he had underestimated “resistance within the Conservative parliamentary party to move towards a less taxed and less regulated economy” and the push globally to “limit competition” between major economies.

“As I stated during the leadership campaign, I wanted to bet on growth (…) But this was not in line with the knee-jerk views of the Treasury (Finance Ministry) or the broader orthodox economic ecosystem,” he said.

Source: Ambito

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