Former Prime Minister Liz Truss has once again criticised Labour’s economic plans, appearing to overlook her own mini-budget disaster just two years ago. Truss, who left office after only 45 days due to the fallout from her spending proposals, claims Labour’s new budget will cause “pain” for Britons.
Truss warns of a ‘painful’ budget
Speaking to Talk on Wednesday, Truss argued that Labour’s budget would worsen the already challenging economic situation. “The problem is the economic situation was already bad,” she said, pointing to high taxes, a large civil service, and increasing government spending. “This is what I tried to stop in 2022,” she added, accusing Labour of being “hell-bent” on damaging the economy further.
A history of economic turmoil
Truss’s own mini-budget in 2022 included £45 billion in unfunded tax cuts, which led to a market crisis and forced the Bank of England to intervene. The pound plummeted, and the markets panicked, ultimately leading to her departure from office and later her constituency seat in July’s general election. Labour often cites her “catastrophic” mistakes as the reason for its cautious economic plans, with Chancellor Rachel Reeves stating that millions “are still paying the price” for Truss’s decisions.
Continued criticism of Labour’s approach
Despite the backlash from her mini-budget, Truss criticised Labour’s plan to raise taxes by £35 billion, claiming this move would discourage business investment. She also condemned Labour’s “tough” net zero policies, saying, “It kills business because they can’t get cheap energy. We’ve seen the steel industry go under; we’ve seen refineries go under. I think this is just the start of the pain.”
With Labour set to raise £40 billion in the new budget, many on social media questioned Truss’s credibility on economic matters given her recent history.
You may also like: WATCH: Antiques Roadshow expert refuses to value slave trade item
