Finance Chiefs Must Take Some Blame
Liz Truss, the former Prime Minister, has launched a scathing attack on the BBC for their coverage of the Bank of England, claiming that finance chiefs should take responsibility for the rising mortgage costs.
Ms. Truss criticized the media's analysis of her disastrous mini-budget and singled out former Bank governor Mark Carney for his comments likening her to "Argentina-on-the-Channel." She believes that the Bank of England was not effectively critiqued and that politicians are often burdened with responsibility but lack the necessary power.
Failure to Inform the Public about Interest Rates
Truss refuted claims that she crashed the economy and instead laid the blame on the Bank, civil service, and the media for their "groupthink." She believes the failure was not informing the public earlier about artificially low interest rates, which eventually had to rise.
Speaking at the Institute of Government, Truss criticized Carney for being defensive and not holding himself or his central banking associates accountable for the low growth in the western world. She also questioned the lack of scrutiny faced by powerful figures.
Truss's Major Intervention Since Leaving Office
This speech marks Truss's first significant intervention since leaving office in October. She denounced the anti-growth coalition and expressed doubts about the government’s plan to achieve net-zero emissions by 2050, questioning its democratic consent. Truss suggested pushing back the ban on the sale of new petrol and diesel cars in 2030.
Additionally, Truss took aim at Chancellor Rishi Sunak for not implementing "supply-side" reforms, such as planning or childcare reform or tax cuts, in the past year, which she believes hampered economic growth.