Liz Truss Blames Bank of England Chief for Market Meltdown
Liz Truss has called for Bank of England Governor Andrew Bailey to be sacked, holding him responsible for the mini-budget market meltdown that led to the end of her time in Downing Street. Truss claimed that Bailey failed to disclose the risks of the rising cost of borrowing, causing the pensions market to be over-exposed.
Market Turmoil and Resignation
Following a surge in government borrowing costs under Truss's leadership, the Bank of England intervened to prevent a potential collapse in the pensions industry. The situation escalated with mortgage panic and lenders withdrawing deals amidst fears of soaring interest rates. Truss resigned after just six weeks in office, triggered by a series of policy reversals and a lack of support from her party.
Truss's Controversial Statements
In a candid interview, Liz Truss also disclosed the Queen's farewell remarks to her, advocated for the UK to exit the ECHR, disband the Supreme Court, and revoke the Human Rights Act. She further called for Nigel Farage to join the Conservative Party, emphasizing the need for a stronger coalition to drive policy changes.
