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Liz Truss will continue to push for tax cuts and deregulation, even though her first political intervention since her resignation caused a major backlash.
The former prime minister admitted on Monday that the tax cut plan had to be delayed to avoid disrupting markets, but doubled down on her claims that the policy would have ultimately grown the economy and narrowed the deficit. I let
Conservative lawmakers have spoken out against Truss, but ministers have tried to avoid directly criticizing him to avoid reigniting the civil war.
A source close to her said I She continues to speak publicly in support of free market policies and will soon deliver her first speech to the House of Commons since she stepped down as party leader.
While she has no desire to return to high office, she wants to emphasize the argument that technical problems in an obscure insurance market were largely responsible for her downfall, rather than her own failures.
Financial products known as debt-driven investment funds have come close to failing after UK government bond yields rose sharply in the wake of September’s mini-budget.
truss said audience: “What we didn’t understand was the vulnerability caused by these liability-driven investments, where, in essence, small or rapid movements in the market could lead to cash calls occurring and substantial It meant that it could lead to a chain reaction.
“That’s something we didn’t understand. Had we known beforehand, we would have either changed the mini-budget or waited a few days to see what happened.”
She acknowledged that she was “trying to fatten up the hogs on market day” by introducing fundamental changes in policy towards free market solutions, laying the groundwork for similar policies in the future. promised to
“There is no doubt that those of us on the side of politics who believe in smaller government and free markets have not won the argument … we have a long history of failing to advocate – and that is what I am thinking now.” he said. Mr Truss.
“I am thinking: How can we make that argument? ”
Truss has promised to continue as an MP, but added, “I’m not desperate to go back to number 10.”
Her ally Kwasi Kwartengu, who was sacked as prime minister because she was doomed to keep her job, has remained silent since giving an interview in November.
Health Secretary Steve Berkley backed Truss’ voice and said: Hear from his colleagues, including the former Prime Minister. ”
A spokesman for Rishi Sunak said, “I think it’s important to have a diverse discussion and that will continue. He will listen to all former prime ministers.”