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An unrepentant Liz Truss has sought to blame a left-wing infiltration of thinktanks, the Bank of England and other “institutions” for the market turmoil during her brief premiership.

Ms Truss was speaking at an Institute for Government event about what she believes are the issues with the UK economy.

Her 49 days as prime minister – the shortest ever – ended after attempts to reform the economy culminated with the Bank of England having to prevent pension markets from collapsing as markets expected interest rates to soar on borrowing to pay for tax cuts.

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Liz Truss’s rise and fall

Ms Truss did admit that she tried to go too far, too fast. She said: “It was certainly true that I didn’t just try to fatten the pig on market day but tried to rear the pig, fatten the pig and slaughter it on market day.”

But she did not apologise – despite being asked several times about her time in Downing Street – and pointed out that interest rates and gilt yields are now higher than when she was in office.

Sky’s economics and data editor Ed Conway explained that the “ham-fisted” way in which Ms Truss tried to change policy led to her losing the confidence of the markets, which set off “mines” and shook confidence in the UK’s economy.

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At the end of her speech, Ms Truss revealed she would be heading to the Conservative Party conference in Manchester, where she would be “saying more”.

This conference is Rishi Sunak’s first as leader.

In her speech, Ms Truss said: “Certainly as a politician, trying to deliver what I believed people had voted for, there was a lot of institutional bureaucracy in the way.

“And even during the leadership election campaign, and maybe this did not make me popular with the OBR and the Bank of England, I pointed out that there was an orthodoxy in Britain about economic policy and I tried to challenge that orthodoxy.

“And I didn’t find a massive level of support, frankly, from those institutions.”

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Outgoing Prime Minister Liz Truss making a speech outside 10 Downing Street, London before travelling to Buckingham Palace for an audience with King Charles III to formally resign as PM. Picture date: Tuesday October 25, 2022.
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Ms Truss is the UK’s shortest serving prime minister

She argued that, after the end of the Cold War, “free market economists went off to lucrative jobs in the city allowing academic institutions and think tanks to be captured by the left” – and this made her attempts to reduce tax and increase growth harder.

Ms Truss called on Mr Sunak to make cut taxes – saying her successor needs to cancel the rise in corporation tax, cut the top rate of income tax and reform IR35, as well as advocating for the return of VAT-free shopping for tourists.

The Bank of England was singled out by the former prime minister, arguing that they had kept interest rates too low for too long and extended an era of cheap money without warning of the consequences.

Mark Carney, a former governor of the central bank, accuse Ms Truss of contributing to a weakening of the UK’s economic standing and creating “Argentina-on-the-Channel” rather than “Singapore-on-Thames”.

Ms Truss said: “I’m afraid there’s quite a lot of finger-pointing going on from people like Mark Carney because they don’t want to admit their culpability or the culpability of their central banking associates in this.

“And I again think, of course politicians should be held accountable and responsible for what we do, but when there are people with significant power, you know, I don’t feel that the same questions are necessarily asked about them.”

Asked by Sky political correspondent Ali Fortescue if there was a credibility crisis when Ms Truss was in Number 10, the former leader said: “It’s very difficult if the government of the day has an economic policy that clearly, leading economic institutions in the UK and indeed internationally, don’t necessarily agree with.”

She pointed out comments by the IMF and Joe Biden when she was prime minister.

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Ms Truss added: ” I don’t regret the choice I made and if people say, well, you put the case back for free markets, what I think I have been able to do … this has given me a real insight into why it’s so difficult for governments to deliver, you know, a smaller state or tax cuts.

“It’s not just a problem that there isn’t enough political agreement, we actually have real institutional issues with delivering these things and that is what I’m going to be exploring further.”

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PPE Medpro partners open to settlement over £122m COVID gowns contract breach

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PPE Medpro partners open to settlement over £122m COVID gowns contract breach

Partners of a company linked to Baroness Michelle Mone have said they are open to a possible settlement with the government after the company was found to have breached a £122m PPE contract.

The Department of Health and Social Care (DHSC) had accused PPE Medpro of providing 25 million “faulty”, non-sterile gowns during the COVID pandemic.

The High Court ruled earlier this month that it must pay back a £121.9m sum, the price of the gowns.

PPE Medpro, a consortium led by Lady Mone‘s husband Doug Barrowman, filed to enter administration earlier this month.

In a statement on Friday, Mr Barrowman said: “The consortium partners of PPE Medpro are prepared to enter into a dialogue with the administrators of the company to discuss a possible settlement with the government.”

PPE Medpro has spent £4.3m defending its position.

It said offers to settle on a no-fault basis had been made, including the remake of 25 million gowns, or a £23m cash equivalent, which were rejected.

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The consortium was awarded government contracts by the former Conservative administration to supply personal protective equipment (PPE) during the pandemic after Lady Mone recommended it to ministers.

It insists that it provided all 25 million gowns and disputes that the gowns were not sterile.

It is understood the partners want to resolve the issue, and administrators have been urged to approach the government to reach an agreement.

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In the High Court ruling, Mrs Justice Cockerill said the gowns “were not, contractually speaking, sterile, or properly validated as being sterile”. This meant they could not be used in the NHS.

Barristers for PPE Medro claimed it had been “singled out for unfair treatment” and accused the government of “buyer’s remorse”.

Michelle Mone recommended the firm, led by husband Doug Barrowman, to minsters. Pic: PA
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Michelle Mone recommended the firm, led by husband Doug Barrowman, to minsters. Pic: PA

It claimed the gowns had become defective because of the conditions they were kept in after being delivered. It also said the court made its ruling on a technicality.

Lady Mone branded the judgement a win for the “establishment”, while Mr Barrowman said it was a “travesty of justice”.

Baroness Mone, who created the lingerie brand Ultimo, was made a Conservative peer in 2015.

She now says she has “no wish to return” to the House of Lords.

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Women risking breast cancer by ‘always putting ourselves last’, says Liz Hurley

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Women risking breast cancer by 'always putting ourselves last', says Liz Hurley

Liz Hurley has encouraged women to check themselves for breast cancer – and warned some are not because they “are scared that it’s self-indulgent to spend time on themselves”.

The British actress and model, who has been a global ambassador for the Estee Lauder Companies’ Breast Cancer Campaign for 30 years, told Sky News’ Jacquie Beltrao the demands of everyday life mean women “always put ourselves last”.

“We’re doing stuff for kids, for husbands, for mothers, for in-laws. There’s so much that we have to do that we tend to come last,” she said.

Hurley, whose grandmother died of breast cancer, said she finds it helps by thinking of breast checks as a way to “keep ourselves healthy in order to continue to take care of everybody else”.

That way, it “doesn’t seem self-indulgent or taking time away from something else, it seems really important”.

Checking one’s breasts “takes two minutes”, she added, or “about the same length of time as brushing your teeth”.

Hurley speaking to Sky's Jacquie Beltrao
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Hurley speaking to Sky’s Jacquie Beltrao

More than a third of women in the UK do not take up the first mammogram appointment they are offered, and a recent study of 500,000 women from Sweden found a similar non-attendance rate there.

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More than 11,000 people die from breast cancer every year in the UK, or 31 each day, Cancer Research UK said.

That makes it the second most common form of cancer death, accounting for 7% of all cancer deaths, the charity said.

Asked whether some of the messaging had “fallen on deaf ears”, Hurley said attending screenings, which are free on the NHS, is “definitely advised”, and she suggested all women should familiarise themselves with their breasts.

In the past, the illness was seen as “a disease for older ladies. And we didn’t understand that younger women also get diagnosed. That’s been a lot in the news lately”, Hurley said.

“There appear to be more women, younger women being diagnosed. And that could well be one of the reasons is that people are more breast aware, more self-aware.”

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She told Ms Beltrao, who is a breast cancer survivor, people “have seen you on television talking about breast cancer”.

As a result of more awareness, she said, women have “begun to understand that it can never be too early to start checking your own breasts and to familiarise yourself [with them].

“When you’re younger and you’re not yet having regular mammograms, you do really have to be aware of your own breasts to be able to see if there’s a change, feel if there is a change and go to your doctor.”

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‘New era’ for British passports as King’s coat of arms appears on cover 

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'New era' for British passports as King's coat of arms appears on cover 

The King’s coat of arms will be on the front of all new British passports from December, the Home Office has announced. 

The inside pages have also been updated to include images of natural landscapes from all four UK nations, including Ben Nevis, the Lake District, Three Cliffs Bay, and the Giant’s Causeway.

The Home Office said the new passport is the first wholly new design in five years, and it will be the “most secure passport ever produced”.

It will include the latest anti-forgery technology, including new holographic and translucent features.

The updated features will improve verification and make passports significantly more resistant to forgery or tampering, the Home Office said.

The bio page of the new UK passport. Pic: PA
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The bio page of the new UK passport. Pic: PA

Migration and citizenship minister Mike Tapp said: “The introduction of His Majesty’s arms, iconic landscapes, and enhanced security features marks a new era in the history of the British passport.

“It also demonstrates our commitment to outstanding public service – celebrating British heritage while ensuring our passports remain among the most secure and trusted in the world for years to come.”

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The Home Office has confirmed that passports bearing Queen Elizabeth II‘s coat of arms will remain valid until their printed expiry date.

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However, it advised travellers to check their passports’ validity and renew them well in advance of any upcoming trips.

The first modern British passport was introduced over a hundred years ago, in 1915.

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