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.
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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.”
Image: 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.”
Marnie’s first serious relationship came when she was 16-years-old.
Warning: This article contains references to strangulation, coercive control and domestic abuse.
She was naturally excited when a former friend became her first boyfriend.
But after a whirlwind few months, everything changed with a slow, determined peeling away of her personality.
“There was isolation, then it was the phone checking,” says Marnie.
As a survivor of abuse, we are not using her real name.
“When I would go out with my friends or do something, I’d get constant phone calls and messages,” she says.
“I wouldn’t be left alone to sort of enjoy my time with my friends. Sometimes he might turn up there, because I just wasn’t trusted to just go and even do something minor like get my nails done.”
Image: The internet is said to be helping to fuel a rise in domestic abuse among teens. Pic: iStock
He eventually stopped her from seeing friends, shouted at her unnecessarily, and accused her of looking at other men when they would go out.
If she ever had any alone time, he would bombard her with calls and texts; she wasn’t allowed to do anything without him knowing where she was.
He monitored her phone constantly.
“Sometimes I didn’t even know someone had messaged me.
“My mum maybe messaged to ask me where I was. He would delete the message and put my phone away, so then I wouldn’t even have a clue my mum had tried to reach me.”
The toll of what Marnie experienced was only realised 10 years later when she sought help for frequent panic attacks.
She struggled to comprehend the damage her abuser had inflicted when she was diagnosed with PTSD.
This is what psychological abuse and coercive control looks like.
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2:56
‘His hands were on my throat – he didn’t stop’
Young women and girls in the UK are increasingly falling victim, with incidents of domestic abuse spiralling among under-25s.
Exclusive data shared with Sky News, gathered by domestic abuse charity Refuge, reveals a disturbing rise in incidents between April 2024 and March 2025.
Psychological abuse was the most commonly reported form of harm, affecting 73% of young women and girls.
Of those experiencing this form of manipulation, 49% said their perpetrator had threatened to harm them and a further 35% said their abuser had threatened to kill them.
Among the 62% of 16-25 year olds surveyed who had reported suffering from physical violence, half of them said they had been strangled or suffocated.
Earlier this year, Sky News reported that school children were asking for advice on strangulation, but Kate Lexen, director of services at charity Tender, says children as young as nine are asking about violent pornography and displaying misogynistic behaviour.
Image: Kate Lexen, director of services at charity Tender
“What we’re doing is preventing what those misogynistic behaviours can then escalate onto,” Ms Lexen says.
Tender has been running workshops and lessons on healthy relationships in primary and secondary schools and colleges for over 20 years.
Children as young as nine ‘talking about strangulation’
Speaking to Sky News, Ms Lexen says new topics are being brought up in sessions, which practitioners and teachers are adapting to.
“We’re finding those Year 5 and Year 6 students, so ages 9, 10 and 11, are talking about strangulation, they’re talking about attitudes that they’ve read online and starting to bring in some of those attitudes from some of those misogynistic influencers.
“There are ways that they’re talking about and to their female teachers.
“We’re finding that from talking to teachers as well that they are really struggling to work out how to broach these topics with the students that they are working with and how to make that a really safe space and open space to have those conversations in an age-appropriate way, which can be very challenging.”
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Hidden domestic abuse deaths
Charities like Tender exist to prevent domestic abuse and sexual violence.
Ms Lexen says without tackling misogynistic behaviours “early on with effective prevention education” then the repercussions, as the data for under 25s proves, will be “astronomical”.
At Refuge, it is already evident. Elaha Walizadeh, senior programme manager for children and young people, says the charity has seen a rise in referrals since last year.
Image: Elaha Walizadeh, senior programme manager for children and young people at Refuge
“We have also seen the dynamics of abuse changing,” she adds. “So with psychological abuse being reported, we’ve seen a rise in that and non-fatal strangulation cases, we’ve seen a rise in as well.
“Our frontline workers are telling us that the young people are telling them usually abuse starts from smaller signs. So things like coercive control, where the perpetrators are stopping them from seeing friends and family. It then builds.”
Misogyny to violent behaviour might seem like a leap.
But experts and survivors are testament to the fact that it is happening.
It says human rights in the UK “worsened” in 2024, with “credible reports of serious restrictions on freedom of expression”, as well as “crimes, violence, or threats of violence motivated by antisemitism” since the 7 October Hamas attack against Israel.
On free speech, while “generally provided” for, the report cites “specific areas of concern” around limits on “political speech deemed ‘hateful’ or ‘offensive'”.
Sir Keir Starmer has previously defended the UK’s record on free speech after concerns were raised by Mr Vance.
In response to the report, a UK government spokesperson said: “Free speech is vital for democracy around the world including here in the UK, and we are proud to uphold freedoms whilst keeping our citizens safe.”
Image: Keir Starmer and JD Vance have clashed in the past over free speech in the UK. Pics: PA
The US report highlights Britain’s public space protection orders, which allow councils to restrict certain activities in some public places to prevent antisocial behaviour.
It also references “safe access zones” around abortion clinics, which the Home Office says are designed to protect women from harassment or distress.
They have been criticised by Mr Vance before, notably back in February during a headline-grabbing speech at the Munich Security Conference.
Ministers have said the Online Safety Act is about protecting children, and repeatedly gone so far as to suggest people who are opposed to it are on the side of predators.
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Why do people want to repeal the Online Safety Act?
The report comes months after Sir Keir bit back at Mr Vance during a summit at the White House, cutting in when Donald Trump’s VP claimed there are “infringements on free speech” in the UK.
“We’ve had free speech for a very long time, it will last a long time, and we are very proud of that,” the PM said.
But Mr Vance again raised concerns during a meeting with Foreign Secretary David Lammy at his country estate in Kent last week, saying he didn’t want the UK to go down a “very dark path” of losing free speech.
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The Trump administration itself has been accused of trying to curtail free speech and stifle criticism, most notably by targeting universities – Harvard chief among them.