Liz Truss didn’t want to hear warnings about UK economy
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- เผยแพร่เมื่อ 5 ก.พ. 2023
- "[Liz Truss] says she wants growth policies, but instead she blames the economy. That is making the problem worse. That's not making the problem better."
Liz Truss "didn’t want to hear" warnings about UK finances which worsened the economy, Cambridge University economic historian Charles Read tells #TimesRadio.
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Having a seriously thick PM is bad enough, but having a seriously thick PM that won't be told that they are wrong is even worse!
May be a lot of things but hardly thick
To be fair though, the universe recognised its mistake quite quickly.
It's not that they're thick, it's that they wanted to push their ultracapitalist ideology down our throats
She's a walking advert for the dunning-kruger effect
@@timcomley5948 Oh yes, in this case very very thick with icing on top.
Truss and Kwarteng didn't need a warning from experts not to proceed with their plans, they only needed to open their bloody eyes. The Bank of England had raised its base rates six times in the preceeding ten months, from 0.1% to 1.75%. And they were a long way from finishing. The last rise had been by 0.5% and rates have now reached 4.0%. The BoE was desperately trying to prevent a spike in inflation due to rising energy prices from becoming entrenched in a wage-price spiral.
Truss's mini-budget would have been massively inflationary; it contained a huge new spending commitment to subsidise energy prices and massive tax cuts too.
The obvious contradiction between the BoE's fight against inflation and the governments policies pushing inflation even higher is what caused the pound to crash to its lowest level ever within minutes of the mini-budget being announced. A guide dog could have seen that coming and warned them not to do it!
Perhaps the warnings were coming from all those experts who we were told "...Oh, we’ve had enough of experts".
There is video of Rishi telling her the risks in a debate... How could she possibly try to argue this?
you think she was listening?
They didn't even discuss this with their cabinet , they weren't interested in anybody else's opinion.
Can someone tell me what exactly Liss Truss wants to achieve with her comeback
She won't be able to tell you that either.
Truss appears to "think" (if that process really exists in her head) that she can somehow rationalise the incredible damage that she did in a very short time in the hopes that she can perform some sort of political come back. Keep in mind that she has zero self awareness and hide thicker than a rhino. Truss has NOTHING else, no identifiable ability in any field, definitely not in politics. With her rep there will be NO non-exec directorships, no consultancies, no chance of a UN or other international role. She is essentially in a dead end and hopefully out of the HoC come the next GE.
She just wants the power and continue her destruction of the UK because she is a cartoon villain.
Pork, cheese and apple stocks are set to soar higher...perhaps she has invested in some of those...
shes been sulking for months now shes come back for revenge Keir starmer is her secret backer lol
The sheer brass neck of this woman is staggering no apology for the colossal damage just excuses and blaming others.
So, essentially, she's blaming the 'woke bond markets'?
It's the damn tofu-eaters. Banking and Finance are riddled with'em!
In her defence, I'm pretty sure that the vast majority of the country are to the left of her 🤣
It's the gay, Marxist bond traders that are to blame.
I went out this morning, by eck the weather was woke.
Nick Leeson £208,000,000. Liz Truss £55,000,000,000, Nick went to prison, Liz was fired!
She's got lots of good material for after dinner speeches though...
but since she wasn't in power long enough to privatise the NHS or pass laws to suit dubious foreign business and gambling interests...
I'm guessing she could command anything up to £100 a time... including free meal, wine and travel expenses (2nd class) ...
She committed what amounts to gross negligence -she rammed the ship onto the rocks despite repeated warnings. In my world, there is a serious enquiry (with teeth) and she potentially goes down for time. I'm not joking. There has to be consequences for this or we risk this kind of behaviour again. These people (politicians) are out of control..
The ship never even left dry dock
But they keep getting reelected, populism was going great, until it wasn't
Looking at the box ticking cabinet of inexperience she chose to run the country, it is fair to say she was never in control in the first place (and neither were they).
Don't come back Liz, please.
I can't believe she's back in the news. Why isn't she in prison for the damage done to our economy in the short time she was in power - and if prison is a bit extreme, she should have been stripped of her MP status and never allowed to stand again. Shameful!
She’s lying. And her chancellor should have been able to work it out for himself, as should she, if they had the slightest clue about how to do their jobs. When politicians feel the need to trot out their excuses and they blame everyone but themselves for their own appalling mistakes, that’s generally a sign that they’re missing their old jobs so much that they haven’t accepted that their careers are over. Truss’s article in the press seems like a prelude to making a move back into power.
Maybe the OBR would have warned them if they had sight of their plans.
Only a reckless Politician would progress with a policy and not discuss its implications with colleagues and experts. Liz truss should pay back the damages herself
Liz Truss loved being Top Dog, trouble was she wasn't up to the job and had more Arrogant confidence than Wisdom. We could see it then, we can see it now.
She was brought down by the lettuce...
She sacked the man who would have warned her so that he couldn't. That Scholar geezer, who apparently lives up to his name.
Exactly this!
Hearing *only that which pleases her* is a trait I find very easy to imagine her possessing.
Truss is particularly close to the IEA, having founded its parliamentary wing Freer in 2011 and hired its former communications director to run her campaign
Brittania Unchained should have kept this idiot out of Politicis!
Rishi Sunak even warned Truss what would happen during the leadership debates. I'm no fan of Sunak generally but he called the effect of Truss's policies before she even got into office
She should be more aware. Prime minister is a top job - self responsibility is essential.
During the Tori leadership debates. Wasn't most of the criticism that Sunak had for truss around how irresponsible her economic policy was?
And the dim membership still voted for her
Was there a hedge fund pay out on the depreciation of the pound?
The ones in the know made a killing. The rest of them lost like the rest of us did.
Allegedly Kwarteng met with people shirting the pound on the day before the mini budget.
Ask her chancellor .... I mean to have the nerve to write this article ....
@@dertery8724 Shirting the pound? Did they _trouser_ a nice profit?
@@himoffthequakeroatbox4320 😂 I meant ‘shorting’!
She should stop trying to put the blame on others. She was prime minister the responsibility lies with her. The Conservative party should stop prioritising tax cuts for the very people who should be paying more tax millionaires. She and her freinds probably stood to benefit personally from these tax cuts. I'm always suspicious about Conservative tax cuts for the richest in society. They just let the poorest in society pick up the pieces that way they can Conserv their own bloated bank accounts. Well this time that attitude had serious consequences and went badly wrong and she should take responsibility and apologise to the British people who are left with the colossal bill of her reckless mistake.
I don't hear any mention of her absolute lack of mandate either. Her extremist tax measures were not in the Tory manifesto as far as I can tell. How dare she claim that sort of mandate from a party leadership campaign? What's to stop any other party from standing on a centrist manifesto and claiming a mandate to do something entirely different based on a members only poll? Her actions were entirely illegitimate in my view and I for one am glad it went off in her face sooner rather than later.
She messed up more than once, there is no more room for her incompetence
She was probably listening but she hasn't got the intelligence to understand the meaning of the words Feckless, useless and dangerous. The perfect follow-on to Johnson.
The most self-delusional figure to appear in British politics for a l-ooo-ng time. I think she's genuinely in need of help.
but Tory party members made her our PM, she promissed them tax cuts, all those mad things , and they voted for her
are they all delusioned? what's wrong with them?
@@miras2222 They heard the magic words "Tax cuts" and greed kicked in.
I'm stealing that intro!
'Hello, let me introduce myself. I'm an expert'
Brilliant "fire alarm" analogy
She needed 4,000 words for her actions.
I only require ONE for her 😋
I dunno, I think I need two. I'm not sure I can forego the use of an expletive 😋
Politicians that lie? You don't say. And it was a conservative? How shocking....
Nobody told me I couldn't drive before I crashed into the wall.
If you are in charge you take responsibility for all actions that happen on your watch. Week leaders try to pass the blame.
Week leaders? Did she last that long?
Broad brush Tax cuts aren't stimulus
You could say stimulate secondary glazing to encourage better insulation by making A+ replacement windows VAT free but cutting top rate tax has a return to the treasury of somewhere in the region of 20p in the pound
Spend a pound on tax cuts gets round about 20p back to the treasury
If you give Nurses a 10% pay rise then the economic multiplier on that would result in 80p of it going back to the treasury as its immediately taxed and the rest goes into a tax spend merry go round the economy.
The current retain EU law bill that Truss introduced would remove supply side rules for goods and services making our market open to cheap low quality foreign imports which would cause business failures and farming bankruptcies, it also removes workers rights and with widespread unemployment would drive down wages at the bottom.
The Truss agenda is basket case economics for the extremely wealthy
Truss' stupidity is legendary.
And arrogance as well.
Lizz No Truss , is history , much the same as Hoorah Harry ... Let them go , asap ..
Oh dear. This man doesn't realize we don't listen to experts anymore.
When did you listen to experts the last time?
Didn’t they sack the Permanent Secretary to the Treasury?
And still harping on about tax cuts .....they don't work ....high tax economies have high growth ....always been the case
Should Sunik , remotely expect to win the next election , he must remove Truss from the Tory party ..
He does not, so he's driving the country onto different rocks.
I think he should that to both BJ and Truss before the next election.
She is an extreme example of Dunning -Kruger effect.
The problem with the UK economy is the banks and financial institutions. They were baled out after 2008, received huge bonuses, and hundreds of billions were spent on quantitative easing to keep interest rates low. What should have happened in 2008 is a few dozen public executions and a confiscation of assets
Theyaculpa! Brilliant
We need adults in the room.
Liz Truss is the modern day equivalent of some obscure pretender who tried to claim the throne in the 1500s but failed miserably and ended up in the Tower or in exile. It’s her complete lack of self awareness as to how pathetically inadequate she was that gets me.
The orthodoxy can always be challenged as long as it’s backed up with data. Giving uncosted money to hoarders was never going to be a winning plan…because there was no plan.
The underlying problem is attempting to maintain a semblance of balance. On today's show, an astronomer with a PhD and all that who's spent a month on the ISS who says the Earth is round, and Karen from Hartlepool who says it's flat or the sea would run off innit.
Didn't Kwarteng's hedge fund buddies make a killing out of her 'recklessness'?
Dear oh dear Dizzy Lizzy 😂😂 🤦♂️
Dear Liz is a bore, disingenuous with the truth and seeking the blame on others. I feel so sorry for her husband
They fired the permanent secretary to the treasury who could warned them didn't they?
If you don't listen and change you will never progress
Not another 'expert' that actually does not even know about real economics... But then how many 'economists' do? Certainly no one in Government or advising them! Real economics is tied to everything in case you did not know and they all fail at it from politicians to economists!
"Theya culpa" 😂 well played
The puppet of the IEA.
She must have gone to the Putin school of Leadership, where you are taught to ignore reality!
Liz Truss is often criticized. For someone who had the responsibility of running the 6th largest economy in the world, her reckless approach to government resulted in the crash of the pound and the British economy. A comeback or a token of forgiveness for this woman is not acceptable.
That is a misrepresentation of the actual situation. She didn’t crate Pound. All currencies, including the Euro, were dropping, as a consequence of the Fed’s actions.
@@jonesyjones7626 Nonsense. Stop spreading false information. Liz Truss is solely responsible for the crashing of the pound and for the UK economy performing worse than sanctions-hit Russia. Her catastrophic incompetence knows no bounds. If it were her own personal fortune that had been sunk, I wouldn't care, but she hurt every Briton with her fiscal policies and added tenfold to our collective Brexit woes.
@@jonesyjones7626 Funny how the most precipitous drop occurred just after Kwarteng's announcement of their version of trickledown economics.
So Liz Truss doesn't tell the truth either. What a surprise,....or not...she's a Tory.
how on Earth did she become PM?
Conservative values... and deep rooted racism...
The Peter Principle at work, seasoned with a not-so-healthy dose of herd behavior.
Speed isn't the only thing. There is a reason why cars have brakes.
“Left wing markets” 😂
maybe the market is too "woke" for her policies
She would blame the tools and not the work person who is doing the job Incompetence comes to mind
She really needs to go to the backbenches and get on with her job (for which we pay) of representing her constituents.
When you've just walked into a wall, knew that you would, and were told it would hurt, you can blame the wall; but better is to act like an adult, learn your lesson, and try not to walk into walls again. Sadly, she pushed us into the wall too.
LIZ. TRUST. Shortist raining PRIME MINISTER. In. British history. . That says. It all. and should. keep her mouth. Closed !
It honestly just sounds like LIz Truss wanted to rule by decree
She is as bad at table tennis as she is with the UK economy
She is not some aberration, the party voted her leader, she represents them and their political ideology, dont let them write her off as some kind of freak, theyre all freaks
No accountability
Truss has written some shameless bilge over at the Telegraph. It really is pathetic.
🥬
Imagine two books 🤦🏻♂️🔫
Tories feel so entitled.. narcissists all over.
That's rich from a socialist
Blaming your employees is absolutely disgusting for a manager. If only because you were responsible for hiring and training and coaching them.
What happened to personal responsibility? What happened to "the buck stops here".
Truss is human filth.
When you are top dog then the buck stops with you............ end of.............
Does she think she can milk the system even more then with not knowing what she’s doing from the right to her left 😂
When a budget is written, it's given to the OBR for evaluation. Then, when it's presented to parliament, the chancellor or PM says "And here's what the OBR says about it".
You can't blame experts for not giving you a report when you don't ask them for one.
After 7 weeks as p.m does liz truss still receive £115.000 allowance.
Sunak warned exactly what her policies will do they called him a doomster. Others also pointed out that spending money you don't have can sink the economy. Michael Gove remarked that Truss has taken a holiday from reality. Truss and Kwarteng were both on the white stuff, which explained their irrational confidence.
truss is like the scare crow in twoo, no brain and so is the most dangerous , and flip flops, likea judas, not to be truss tedd
Yeah, yeah, it’s always somebody else’s fault 😒… It’s not like Sunak, or anybody else ever warned here live on stage. And asking her to do her homework of course and asking the OBR would have been too much as well🙄🔫🤯
Plopstain
Liz Truss is a warning to all who say "How hard can it be?", sometimes very hard indeed.
Nobody told me that jumping off that cliff would result in serious injury... it's not my fault, I wasn't warned.. How could I possibly know it was dangerous?
Liz Trust knew all the risks. She studied economics at Merton College, Oxford. She knew that Professor Simon kuznets, who created the GDP formulate, warned that continual GDP growth is unsustainable, unfair and ecologically unsafe.
Liz is also aware that Professor Kate Raworth, from Oxford university, shares Simon’s warning, but she and very few other politicians, financiers, or journalists, are listening to their advice. They still believe that growth, growth, growth, is achievable 🤣🫢😢
Is there any certainty the LDI's were mentioned at all?
I have read up on them and the LDI crisis is an obvious pre-existing issue which I had no awareness of.
Surely, someone must brief a new Prime Minister and Chancellor - I fear for our country and every future government of any colour - if this was simply not done. Advisers are meant to advise and ministers are supposed to decide - are we sure this maxim held true?
If she was not told this was always going to end badly.
Ultimately of course Truss was ultimately responsible (like any PM).
Pythonesque
Red herring! No need for a warning, common sense for finance, economic, banking, treasury, home manager, business owner ..., if Govt/ any body, borrows for unfunded income (tax) cuts, the markets will respond. Simple.
Common sense?
She’s not even a Thatcher-lite. At least Thatcher listened to her civil servants.
I don't agree with her policies much, but Thatcher was also quite intelligent.
Pound shop Thatcher thick as a brick and greedy🇬🇧🇬🇧🇬🇧
Liz who?
Lets be honest, if you have a look at UKs economy and the financial situation of the state, UK is not fit for purpose.
The situation is very difficult and Lizz does not have any solutions.
Away with you Woman!
What's going on in Thailand, with the Princess and their Govt tearing up the contracts and compensating everyone?
that's not happening. The princess had a mycoplasma infection
dunno you tell me
What has that to do with the price of fish exactly?
@@guydreamr just an anti-vaxxer trying to spread anti-vaxx lies
@@guydreamr The "price of fish" is keeping you distracted from important things, is the point...
Those pesky left-wing financial markets ;
This stretches credibility. An obscure historian writes a paper and the Chancellor is expected to have read it and passed its warnings onto the PM. He has no idea how complex hierarchies work, despite being an "expert". Kwarteng will have had problems coping with his workload let alone tracking down academic papers. I have a master's degree in finance and most academic papers in finance are not worth reading.
From where, Trump U?
waterboys3001, I don't believe for a second that you have a master's degree in finance. You're a Tory apologist trying to make excuses for Tory blunders.
The most deluded person in Westminster
So BOE (like the FED) knew they had failed to cautiously steadily raise Base Rate over the previous 5 years bc their QE billions of Bond purchases would drop in value dramatically (BOE losses) once I Rate did increase. So BOE sold off billions of the bonds they bought from the excess QE 2009-2022, avoiding losses from inevitable higher interest rates their procrastination delays actually caused. Nice way out to make Fallgirl scapegoat? Yes! Truss. Same type of BOE deceitful carelessness seen in withdrawing billions of loans from 1000's of successful UK companies 2008-9. Carney was awful. Bailey is economy carnage. Starmer will be worse still.
W E F had to get there man in at all cost