Former Prime Minister Liz Truss has placed blame on the Canadian Prime Minister for the economic instability that followed her brief tenure. She specifically criticized Mark Carney, the former Governor of the Bank of England, stating he "did a terrible job" during his time in office and "created a lot of the problems" she was later blamed for.
In an interview, Truss expressed her surprise at Carney's selection as a leader in Canada's Liberal Party. She accused him of contributing to inflation through excessive money printing and failing to properly regulate the pensions industry, which she claimed led to a crisis.
Truss's time as Prime Minister was short-lived, lasting only 49 days. Her mini-budget, which included significant tax cuts, caused market turmoil and a decline in the value of the pound. While she has acknowledged that the plan to cut the top rate of income tax may have been excessive, she maintains that her budget was not solely responsible for subsequent interest rate increases.
Truss also criticized the lack of forecasts from the Office for Budget Responsibility, which she believes added to the uncertainty. She went on to encourage Canadian voters to support the country's Conservatives in the upcoming election. She also expressed concern about the policies of Justin Trudeau, which she believes mirror those of Europe, including high taxes, spending, and a failure to utilize natural resources.
10 Comments
Eugene Alta
She is speaking truth. The budget had plenty of positive proposals for the market.
BuggaBoom
Truss is being unfairly blamed. There were other factors playing a part, like excessive money printing.
KittyKat
The Bank of England needed better oversight, and Truss is right to bring it up. This is an important discussion.
Noir Black
Good for her pointing out the role of these individuals impacting the average person on the street.
Loubianka
While her tenure was short, it’s important to remember that a budget does a lot of good things for the economy.
Leonardo
Let's be honest - her credibility is shot. Trying to influence an election so quickly after her own collapse is bonkers.
Eugene Alta
She's right to call out Carney. His policies did contribute to the problems, and those pensions were concerning.
Noir Black
Even short-lived leaders can have valid points. Agree with her on the spending issue.
Eugene Alta
She's highlighting the impact of the left-leaning policies across the Western world and what they do to the economy.
Noir Black
The OBR's forecasting wasn't the root cause. Her budget was poorly conceived and executed.