Liz Truss: A Provocative Force Unleashed, Unapologetically Challenging the Tory Brand and the Economic Status Quo
When Liz Truss was asked about apologizing to the public for her disastrous mini-Budget, her response was far from warm. Instead, she showed all the warmth of a fridge freezer. Truss bluntly stated that interest rates were going to go up anyway, placing the blame on the fact that rates had been artificially too low for too long. She made it clear that she had no intention of apologizing, carrying herself with the air of a doctor affronted by ungrateful patients who question her strong medicine.
One journalist, clearly incredulous, pressed Truss again, questioning if she had no sense of humanity or apology for the mortgage rate misery she unleashed on millions. Truss simply repeated herself, stating that they had given people an expectation that cheap money would go on forever. This lack of remorse was not surprising, given Truss’s history of blaming others for her mistakes.
Truss attempted to shift blame onto the Bank of England and her Chancellor, Kwasi Kwarteng, for not doing enough to address problems with liability-driven investments (LDIs) held by pension funds. She claimed that she was completely blindsided by LDIs and had never even heard of them until the following Monday. Truss tried to save her own premiership by sacking Kwarteng, and it’s no surprise that he has fired back, stating that she was not wired to be prime minister.
Truss admitted to one misstep, stating that she was too hasty in carrying out her revolution. She confessed that she didn’t just try to fatten the pig on market day but also attempted to rear the pig and slaughter it as well. However, it wasn’t the Bank of England that brought her down; it was the bond markets. Truss had failed to come up with spending cuts, which she now claims are central to her political philosophy. Her rhetoric about spending restraint doesn’t align with her actions, as she unveiled significant spending to keep energy bills down last winter. This contradiction, along with her inability to handle the bond markets, raises questions about her economic competence.
Truss’s biggest mistake may have been misreading the results of the Brexit referendum and Boris Johnson’s general election victory. While the public did vote for change, there is no evidence that they voted for the small-state, low-tax, low-regulation Thatcherism that Truss now advocates. The public wanted more money for the NHS and an end to austerity. Truss’s attempt to shape the facts to fit her theory is evident in her citing of polling that supposedly shows the public’s distaste for taxes. However, voters actually support generous furlough schemes and renationalization of privatized industries.
Truss’s defense of her small-state politics is a credible philosophy, but it doesn’t align with public sentiment. Cameron’s austerity manifesto failed to win a majority in 2010, and Theresa May lost her majority in 2017 due to cuts. Johnson’s success came from being more of a feel-good leader like Harold Macmillan than a Thatcherite. Every time Truss speaks, she reminds the public of the misery caused by her actions last autumn. Her chaotic reign has exhausted Tory MPs, who are tired of her damaging their party’s brand and even Thatcherism itself.
The real question is not whether Truss will learn from her mistakes but whether the Tory party will learn from Brexit and the 2019 victory. They must abandon the notion that these were calls for a Singapore-on-Thames and instead recognize the public’s desire for a fairer, more inclusive society. Only then can the party regain trust and move forward.
