Liz Truss blames Andrew Bailey for market meltdown
Liz Truss has called for Bank of England Governor Andrew Bailey to be sacked, blaming him for the mini-budget market meltdown that led to the end of her time in Downing Street. Truss insisted that Bailey was at fault for not disclosing the risks to her regarding the rising cost of borrowing.
Truss's Resignation and Economic Turmoil
Liz Truss dramatically resigned as Prime Minister in October 2022 after just six weeks in office. Her downfall began with a disastrous mini-budget announcement that caused a surge in the cost of government borrowing and nearly put the pensions industry on the edge of collapse. Truss faced a rebellion from within her party and ultimately stepped down.
Challenges Faced by Truss's Government
Truss's tax-cutting measures, including reversing the National Insurance rise and abolishing the 45p top rate of income tax, led to market turmoil and internal party discord. Despite attempts to salvage the situation, Truss's authority weakened, leading to her eventual resignation.
Truss's Future Plans and Calls for Change
In a candid interview, Liz Truss revealed her plans for a more powerful coalition to enact change in the face of economic challenges. She also discussed her views on Brexit, human rights laws, and potential party alliances, indicating a desire for a different approach to governance.
