Liz Truss doubles down on claim her mini-budget would have ‚reversed UK decline‘ | Politics | News

Liz Truss has insisted the economy would be in „much better shape“ if her mini-budget had been implemented.

Speaking on its two-year anniversary, the former Tory prime minister said the rejection of her plans had led to an „economic doom loop“ which is getting worse under Labour.

She hit out at Sir Keir Starmer’s party for „taking out the economic pain“ on pensioners with winter fuel payment cuts.

And she warned that the „economic establishment“ needs to be „taken on“ in order to grow the economy.

Ms Truss wrote on X: „Two years on. The British economy would be in much better shape if the Mini Budget had been implemented.“

In a video, she added: „Two years ago today, we launched the mini-budget to reverse Britain’s economic decline and to get our country growing again.

„If the mini-budget hadn’t been undermined by the economic establishment, things would have been different now.

„The economy would be growing, people would be paying lower energy bills thanks to getting on with fracking, corporations would want to locate in the UK because of our relatively low tax rates, the self-employed would be doing more business thanks to improvements in IR35 and we would see a more dynamic, go-getting economy.

„But that didn’t happen because the mini-budget was undermined by the economic establishment.“

Ms Truss said the Bank of England „announced the sale of £40 billion worth of gilts“ the day before the mini budget and „failed to properly regulate the pension market and LDIs creating financial instability“.

She also accused the Office for Budget Responsibility of leaking that there was a £70 billion black hole int he public finances which „subsequently turned out not to be true“.

Ms Truss added: „But by then it was too late. My government was forced out of office and instead what has happened is the continuation of economic policies that weren’t working for our country.

„Taxes at a record high, people leaving the UK with talent – millionaires – at a rate faster than any other country apart from China.

„Meanwhile, low-skilled migration into Britain is also at a record high. These people have been shown not to be contributing to our economy.

„People are facing high energy bills and we are seeing some of our most important companies closing down, steelworks, refineries, because of the extreme cost of net zero zealotry.

„Things will only get worse under Labour. We’re seeing the economic doom loop accelerating.

„Labour are raising taxes, they’re increasing regulation, they’re putting in place even more extreme net zero policies.

„We’re already seeing what’s happening. Tax revenues are not as high as expected because people and companies are leaving the country.

„And instead, Chancellor Rachel Reeves is taking out the economic pain on Britain’s pensioners at a time when energy prices are very high thanks to their failed policies.

„The only way we’re going to escape this economic doom loop is through supply-side economics, proper monetary policy and cutting taxes.

„In order to do that, the economic establishment have to be taken on.“