Liz Truss was ‘ecstatic’ with mini-budget plan and claims Number 10 infested with fleas in new memoir
Liz Truss has revealed she considered abolishing the UK’s economic watchdog and replacing leaders at the Treasury and Bank of England, accusing the bodies of being “pro-China” and “pro-Remain”.
The country’s shortest serving prime minister said she discussed scrapping the Office for Budget Responsibility (OBR) with her Chancellor Kwasi Kwarteng but concluded it would have “amounted to a declaration of war on the economic establishment”.
In an extract from her memoir published by the Daily Mail, Ms Truss says the OBR, Treasury, and Bank of England “were more interested in balancing the books than growing the economy” and saw immigration “as a way of fixing the public finances”.
Defending her September 2022 mini-budget – which led to a surge in borrowing costs and saw the pound slump to a 37-year low against the dollar – the former prime minister said she would “accept that the communications around the mini-budget were not as good as they could have been”.
However, she said the afternoon after which Chancellor Kwasi Kwarteng outlined the growth plan was “probably my happiest moment as prime minister” adding “I was ecstatic”.
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Truss’ time as PM
Mr Kwarteng was sacked three weeks later amid rising mortgage costs, before most measures in the statement were axed in an attempt to stabilise financial markets.
Kwasi Kwarteng was also sacked following the mini-budget. Pic: PA
The serialisation also includes behind-the-scenes details of domestic life as a senior government figure.
While foreign secretary, Ms Truss says she was forced to share the grace-and-favour Chevening mansion in Kent with her predecessor Dominic Raab and would find “protein shakes labelled ‘Raab’ in the fridge”.
Anecdotes, complaints and lamentations – but a lack of self-awareness
Given Liz Truss is the shortest-serving prime minister in UK history and given she oversaw an economic meltdown and was forced to fire her own Chancellor and repeal most of her policy offering, the extracts of her memoirs are strikingly bereft of any self-criticism or self-awareness.
As the political blogger Sam Freeman has pointed, bits of the book feel like a ‘what I did on my holidays school essay’.
There’s amusing and eminently readable anecdotes about trying to get Ocado shops delivered to Downing Street, taking her children into the government nuclear bunker, and finding Dominic Raab’s protein shakes in the fridge at the foreign secretary’s country residence.
There’s also some complaining.
The former Prime Minister laments having to book her own hair and make up and says a lack of medical support meant her private secretary had to get her cough medicine in the middle of the night.
She says living in Downing Street was “intensely claustrophobic” and she was “effectively a prisoner”.
It’s an open question whether that stirs much sympathy with those who saw their mortgage rates soar during her chaotic 50 days in office.
Then there’s the now familiar defence of her economic strategy, which once again seems to consist of blaming everyone bar herself.
In four pages of text, I spotted just two flashes of introspection.
She acknowledges that the “communications around the mini-budget were not as good as they could have been”. But then neuters that mea culpa by adding: “But I have to ask: what would we have been waiting for?”
She also says the late Queen had told her to “pace yourself”, before adding “maybe I should have listened”.
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The Norfolk MP is also critical of the levels of personal support offered to UK prime ministers saying “despite now being one of the most photographed people in the country, I had to organise my own hair and make-up appointments”.
She described the prime ministerial flat above the Number 10 offices as infested with fleas that some claimed came from her predecessor Boris Johnson’s dog Dilyn.
Ms Truss also revealed she and her husband had ordered new furniture for the residence “but were evicted before it could be delivered”.
The death of the Queen is also described in the extracts, with Ms Truss saying the fact it happened on her second full day as prime minister left her in a “state of shock” and thinking “Why me? Why now?”.
The trial is part of Project Acacia, an initiative from the RBA exploring how digital money and tokenization could support financial markets in Australia.
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