iz Truss used her farewell speech as Prime Minister today to cling defiantly to her low tax, high growth philosophy which was blamed for almost crashing Britain’s economy.
Watched by her husband Hugh O’Leary and her two teenage daughters Frances and Liberty, Ms Truss offered no apology for the financial chaos which accompanied her 50-day reign in No10.
Instead she doubled down on her economic vision for the UK, dubbed Trussenomics, insisting: “We need to take advantage of our Brexit freedoms, to do things differently.
“This means delivering more freedom for our own citizens and restoring power to democratic institutions. It means lower taxes so people can keep more of the money that they earn. And it means delivering growth that will lead to more job security, higher wages and greater opportunities for our children and grandchildren.”
And she took her lead from her predecessor Boris Johnson with a classical reference, adding: “From my time as Prime Minister, I am more convinced than ever we need to be bold and confront the challenges that we face. As the Roman philosopher Seneca wrote: ‘It is not because things are difficult that we do not dare. It is because we do not dare that they are difficult’.”
Following her three-minute speech in Downing Street, watched by close political allies, Ms Truss travelled to Buckingham Palace to formally resign, bringing the curtain down on the shortest premiership in British political history.
Earlier she told her final full Cabinet meeting that her Government had secured some “significant achievements” in its short life.
She said ministers had acted quickly to protect the public from skyrocketing energy bills, stuck to its pledge to scrap the rise in national insurance and demonstrated its commitment to supporting Ukraine. But while the national mourning following the death of Queen Elizabeth II dominated her first two weeks in the job, her chaotic time in office will be mainly remembered for the tax-cutting mini-Budget which caused the pound to slump to an all-time low as government borrowing costs rose.
The failure to set out a forecast by the independent fiscal watchdog the Office for Budget Responsibility led to fears over the UK’s finances, and as Government bond yields soared, the Bank of England was forced to step in with an emergency £65 billion package to shore up pension funds.
Within days Chancellor Kwasi Kwarteng was gone, replaced by Jeremy Hunt, inset left, who quickly reversed £32billion of the tax cuts and cut short the Government’s generous energy bills support package, limiting the £2,500 average bill cap to six months.
Ms Truss’s economic plans were left in tatters and a growing number of Tory MPs turned against her.
The final straw came last Wednesday when she sacked Home Secretary Suella Braverman, and the next day she quit after the 1922 Committee told her that she had lost party support.
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