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.
Image: 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.
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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”.
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?”.
Swiss crypto bank AMINA Bank AG said it has secured regulatory approval in Hong Kong to offer crypto trading and custody services to institutional clients in the region, adding its the first international bank to receive such permission.
AMINA said the “Type 1 license uplift” received from the Securities and Futures Commission would help it address a gap in the Hong Kong institutional crypto market, which has faced limited access to bank-grade crypto services due to the region’s high regulatory compliance standards.
The license will allow AMINA’s Hong Kong subsidiary to offer 13 cryptocurrencies — including Bitcoin (BTC), Ether (ETH), USDC (USDC), Tether (USDT) and major decentralized finance tokens.
📢 Crypto trading and custody – now available at AMINA Hong Kong!
Today, AMINA becomes the first international banking group to launch comprehensive crypto trading and custody services in Hong Kong.
It comes as AMINA reported a 233% increase in trading volume on Hong Kong crypto exchanges in the first half of 2025 compared to the same period last year, indicating that both retail and institutional traders are increasingly embracing the asset class.
Michael Benz, head of AMINA for Hong Kong, stated that the license would enable the company to expand into private fund management, structured products, derivatives and tokenized real-world assets, thereby providing a wider range of crypto offerings for its client base.
Hong Kong courts international crypto firms
Hong Kong has been positioning itself as a global crypto hub, and the latest approval could encourage other foreign firms to consider the market.
While AMINA claims to be the first international firm to win a Type 1 license upgrade, it is entering a market already serviced by local players such as Tiger Brokers, HashKey, and others.
Hong Kong launched new stablecoin rules in August
Hong Kong has adopted a cautious approach to crypto. It rolled out long-awaited stablecoin rules in August — prompting HSBC and ICBC to consider seeking licenses soon after.
Hong Kong tightened rules around self-custodying crypto in August, though the move was aimed more at reducing cybersecurity risks than restricting user freedom.
The home secretary has admitted the UK’s illegal immigrant numbers are “too high” – but said Nigel Farage can “sod off” after he claimed she sounded like a Reform supporter.
Speaking to Sky News’ political editor Beth Rigby, the home secretary said: “I acknowledge the numbers are too high, and they’ve gone up, and I want to bring them down.
“I’m impatient to bring those numbers down.”
She refused to “set arbitrary numbers” on how much she wanted to bring illegal migration down to.
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Beth Rigby: The two big problems with Labour’s asylum plan
Earlier on Monday, Ms Mahmood announced a new direction in Labour’s plan to crack down on asylum seekers.
The “restoring order and control” plan includes:
• The removal of more families with children – either voluntarily through cash incentives up to £3,000, or by force; • Quadrupling the time successful asylum seekers must wait to claim permanent residency in the UK, from five years to 20; • Removing the legal obligation to provide financial support to asylum seekers, so those with the right to work but choose not to will receive no support; • Setting up a new appeals body to significantly speed up the time it takes to decide whether to refuse an asylum application; • Reforming how the European Convention on Human Rights (ECHR) is interpreted in immigration cases; • Banning visas for countries refusing to accept deportees; • And the establishment of new safe and legal refugee routes.
The home secretary wants to make it less attractive for illegal migrants to try to get to the UK by making it much harder to get permanent residence here, by overhauling human rights laws to make it harder for illegal migrants to stay, and by suspending UK visas to some countries who refuse to take back illegal migrants.
That’s the plan, but there are two really big problems.
The first one is the Labour Party.
Labour knows it has to try to win back voters turning to Reform, but also risks a backlash from those with more liberal values who believe Mahmood is abandoning what Labour stands for to them.
That’s the politics. But on the policy, they just have to deliver and so much is at stake.
There’s no doubt Keir Starmer’s Number 10 is in real trouble.
There’s now open chatter about whether he should lead Labour into the next general election and whether his chancellor really is the person to deliver on the economy as she faces into that very difficult budget.
With the government in the doldrums, there is a lot riding on this policy and this politician.
Beth was speaking after her interview with Shabana Mahmood, watch her full analysis in the video above.
Reform UK leader Nigel Farage said the plan was much like something his party would put forward, and said Ms Mahmood sounded like a Reform supporter.
The home secretary responded with her usual frankness, telling Rigby: “Nigel Farage can sod off. I’m not interested in anything he’s got to say.
“He’s making mischief. So I’m not going to let him live forever in my head.”
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Home secretary announces details on asylum reform
You might need our support, says Badenoch
Her plans have also been tentatively welcomed by the Conservatives, with Kemi Badenoch suggesting the home secretary work with her in case of a rebellion by Labour MPs.
The backing of Tory MPs could “come in handy”, Ms Badenoch said.
The government’s attempts to cut the welfare bill earlier this year were thwarted by its own backbenchers, and the proposals announced on Monday have already attracted backlash from some on the left of the Labour Party.
Nadia Whittome MP called Ms Mahmood’s plans “dystopian” and “shameful”, while Richard Burgon MP said she should change course now rather than be forced into a U-turn later.
Image: Nigel Farage said the home secretary was sounding like a Reform supporter
Mahmood’s warning to Labour MPs
But Ms Mahmood has warned her colleagues that disrupting her bid to reform the asylum system – thus hoping to bring down the number of small boat crossings – risks “dark forces” coming to prominence.
Speaking in the House of Commons on Monday evening, Ms Mahmood said: “If we fail to deal with this crisis, we will draw more people down a path that starts with anger and ends in hatred.”
She later told Beth Rigby that Reform wanted to “rip up” indefinite leave to remain altogether, which she called “immoral” and “deeply shameful”.
The home secretary, who is a practising Muslim, was born in Birmingham to her Pakistani parents.
Earlier, in the House of Commons, she said she sees the division that migration and the asylum system are creating across the country. She told MPs she regularly endures racial slurs.
MPs and bereaved families have launched a new campaign urging the government to re-think its position on introducing Graduated Driving Licences.
The event, in Parliament, came at the start of Road Safety Week and ahead of the government’s highly anticipated new road safety strategy, the first in a decade, which could be published next month.
Kim Leadbeater MP told the gathering that the idea for tougher rules for new drivers “transcends party politics” and could leave to “saving people’s lives”.
Image: Five young adults died in a crash in Ireland on Saturday night. Pic: PA
Organisations, including fire services, police and crime commissioners, motoring organisations as well as road safety charities, are behind a new website, “Protect Young Drivers: Time for Change”, which documents the case for introducing stronger measures.
Graduated Driving Licences (GDLs) is a system designed to give new drivers a staggered approach to gaining full privileges on the road, such as driving at night or with a full car of passengers.
The system has been successful in countries including Canada and Australia at reducing the number of young people killed or seriously injured.
“I feel as a bereaved parent we are very easily dismissed”
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Last year 22% of fatalities on Britain’s roads involved a young person behind the wheel.
Data released by the Department for Transport also shows that male drivers aged 17-24 are four times more likely to be killed or seriously injured than all drivers aged over 25.
Chris Taylor, who lost his 18-year-old daughter Rebecca in a road traffic collision in 2008, said the grief doesn’t go away.
“I feel as a bereaved parent we are very easily dismissed,” he said. “We’ve got an opportunity. Together we are a movement that can create real change.”
The Department for Transport has previously told Sky News it is not considering GDLs.
“Every death on our roads is a tragedy and our thoughts are with everyone who has lost a loved one in this way,” said a spokesperson.
“Whilst we are not considering Graduated Driving Licences, we absolutely recognise that young people are disproportionately victims of tragic incidents on our roads and continue to tackle this through our THINK! campaign.
“We are considering other measures to address this problem and protect young drivers, as part of our upcoming strategy for road safety – the first in over a decade.”