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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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Watchdog criticises ‘unprecedented’ government offer to delay local elections – as five councils confirm requests for postponement

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Watchdog criticises 'unprecedented' government offer to delay local elections – as five councils confirm requests for postponement

The elections watchdog has criticised the government for offering to consider delaying 63 local council elections next year – as five authorities confirmed to Sky News that they would ask for a postponement.

On Thursday, hours before parliament began its Christmas recess, the government revealed that councils were being sent a letter asking if they thought elections should be delayed in their areas due to challenges around delivering local government reorganisation plans.

The chief executive of the Electoral Commission, Vijay Rangarajan, hit out at the announcement on Friday, saying he was “concerned” that some elections could be postponed, with some having already been deferred from 2025.

“We are disappointed by both the timing and substance of the statement. Scheduled elections should, as a rule, go ahead as planned, and only be postponed in exceptional circumstances,” he said in a statement.

“Decisions on any postponements will not be taken until mid-January, less than three months before the scheduled May 2026 elections are due to begin.

“This uncertainty is unprecedented and will not help campaigners and administrators who need time to prepare for their important roles.”

Mr Rangarajan added: “We very much recognise the pressures on local government, but these late changes do not help administrators. Parties and candidates have already been preparing for some time, and will be understandably concerned.”

He said “capacity constraints” were not a “legitimate reason for delaying long planned elections”, which risked “affecting the legitimacy of local decision-making and damaging public confidence”.

The watchdog chief also said there was “a clear conflict of interest in asking existing councils to decide how long it will be before they are answerable to voters”.


Four mayoral elections due to take place in May 2026 set to be postponed

Sky News contacted the 63 councils that have been sent the letter about potentially delaying their elections.

At the time of publication, 17 authorities had replied with their decisions, while 33 said they would make up their minds before the government’s deadline of 15 January.

Many councils told Sky News they were surprised at yesterday’s announcement, saying that they had been fully intending to hold their polls as scheduled.

They said they were now working to understand the appropriate democratic mechanism for deciding whether to request a postponement of elections. Some local authorities believe it should be a decision made by their full council, while others will leave it up to council leaders or cabinet members to decide.

Multiple councils also emphasised in statements to Sky News that the ultimate decision to delay elections lay with the government.

Reform UK has threatened legal action against ministers, accusing Labour and the Tories of “colluding” to postpone elections in order to lock other parties out of power – a sentiment echoed by Liberal Democrat leader Sir Ed Davey.

But shadow local government secretary Sir James Cleverly told Sky News this morning that the Conservative Party “wants these elections to go ahead”. Sky News understands that the national party is making that position clear to local leaders.

A spokesperson for the Ministry of Housing, Communities, and Local Government, said it was taking a “locally-led approach”, and emphasised that “councils are in the best position to judge the impact of postponements on their area”.

They added: “These are exceptional circumstances where councils have told us they’re struggling to prepare for resource-intensive elections to councils that will shortly be abolished, while also reorganising into more efficient authorities that can better serve local residents.

“There is a clear precedent for postponing local elections where local government reorganisation is in progress, as happened in 2019 and 2022.”

The five councils that confirmed they would be seeking postponements were:

  • Blackburn with Darwen Council (Labour);
  • Chorley Borough Council (Labour);
  • East Sussex County Council (Conservative minority);
  • Hastings Borough Council (Green minority);
  • West Sussex County Council (Conservative).

The councils in Chorley, and East and West Sussex, had decided prior to Thursday’s government announcement that they would request a delay.


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An East Sussex County Council spokesperson told Sky News: “It is welcome that the government is listening to local leaders and has heard the case for focussing our resources on delivery in East Sussex, particularly with devolution and reorganisation of local government, as well as delivering services to residents, such high priorities.”

They also pointed to the cost of electing councillors for a term of just one year, and argued that it would be “more prudent for just one set of elections to be held in 2027”.

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West Sussex County Council echoed those reasons and said it would cost taxpayers across the county £9m to hold elections in 2026, 2027, and 2028, as currently planned.

Chorley and Blackburn councils also cited the cost of delivering elections, and said they would prefer that money be spent on delivering the local government reorganisation and delivering services to local residents.

Meanwhile, 12 councils confirmed to Sky News that they would not be requesting delays:

  • Basingstoke and Deane Borough Council (Liberal Democrat-Independents);
  • Broxbourne Borough Council (Conservative);
  • Colchester City Council (Labour-Liberal Democrat);
  • Eastleigh Borough Council (Liberal Democrat);
  • Essex County Council (Conservative);
  • Hart District Council (Liberal Democrat-Community Campaign);
  • Hastings Borough Council (Green minority);
  • Isle of Wight Council (no overall control);
  • Newcastle-under-Lyme Borough Council (Conservative);
  • Portsmouth City Council (Liberal Democrat minority);
  • Rushmoor Borough Council (Labour minority);
  • Southampton City Council (Labour).

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Samourai co-founder claims Biden-era lawfare in calling for Trump pardon

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Samourai co-founder claims Biden-era lawfare in calling for Trump pardon

Keonne Rodriguez, who pleaded guilty to one felony count related to his role at Samourai Wallet, is calling on US President Donald Trump to pardon him, citing similar language that has been successful in previous pardon applications.

In a Thursday X post, Rodriguez said he would report to prison on Friday, where he will serve a five-year sentence for operating an illegal money transmitter. The Samourai co-founder claimed there were no “victims” to his crime, and blamed his incarceration on “lawfare perpetrated by a weaponized Biden DOJ.” 

In a message tagging Trump, Rodriguez expressed hope that the US president would issue a federal pardon for him and William “Bill” Lonergan Hill, another Samourai executive who pleaded guilty and was sentenced to four years. Rodriguez blamed “activist judges” for his legal troubles, claiming he was targeted by a “political anti-innovation agenda.”

“I maintain hope that [Trump] is a fair man, a man of the people, who will see this prosecution for what it was: an anti innovation, anti american, attack on the rights and liberties of free people,” said Rodriguez. “I believe his team […] and others truly want to end the weaponization of the DOJ that the previous administration wielded so effectively […] I believe he will continue to wield that power for good and pardon me and Bill.”

Bitcoin Wallet, Law, Politics, Court, Crimes, Donald Trump
Source: Keonne Rodriguez

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Rodriguez’s public plea followed Trump’s statement that he would “take a look” at a pardon for the Samourai co-founder, claiming that he had no knowledge of the case. It’s unclear whether Rodriguez filed an official application for a pardon or is relying on public statements to get the president’s attention.

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One of Trump’s first acts as president in January was to issue a pardon for Silk Road founder Ross Ulbricht, who had been serving a life sentence for his role in creating and operating the darknet marketplace.

Former Binance CEO Changpeng “CZ” Zhao, who pleaded guilty to one felony in 2023 related to the exchange’s Anti-Money Laundering program, served four months in prison but also received a pardon from the president. Trump later said he “[knew] nothing about” Zhao when asked about the pardon in a November interview.

Rodriguez’s language addressing Trump mirrored comments from the White House on previous pardons. For example, Press Secretary Karoline Leavitt said it was a “weaponization of justice from the previous administration” when the president commuted the sentence of David Gentile, who was convicted of defrauding “thousands of individual investors in a $1.6 billion” scheme in 2024.