Liz Truss again refuses to apologise for mortgage rises as she says it’s ‘wrong’ to blame her
https://www.mirror.co.uk/news/politics/liz-truss-refuses-apologise-mortgage-32635632
by pppppppppppppppppd
Liz Truss again refuses to apologise for mortgage rises as she says it’s ‘wrong’ to blame her
https://www.mirror.co.uk/news/politics/liz-truss-refuses-apologise-mortgage-32635632
by pppppppppppppppppd
40 comments
Accountability is a concept that is alien to her.
Classic narcissistic trait.
Just because she was directly responsible doesn’t mean you should blame her, she’s a Tory that means they don’t have to take responsibility for anything, it was errrrr disabled people, no wait people on benefits yea their the ones who did this be mad at them
Look over there, that migrant’s gonna steal your lunch box.
I remember Truss went on the telly just after the Kamikwaze budget – I think it was Kuenssberg – and when challenged it was obvious she was unaware that the increased cost of borrowing for the U.K. that resulted from the rout in the bond market due to her ideologically driven budget would have a knock on effect on the risk free rate and therefore drive mortgage rates higher.
Not the kind of stuff that an average pleb needs to know but astonishing that a PM who deliberately sidelined anybody who might give advice telling her what would happen didn’t know.
She could be the poster child for Kruger-Dunning.
Interest rates were rising globally, and we probably would have ended up here eventually. What she did was pour fuel on that fire, however.
The thing she did which was entirely avoidable, however, was she trashed the pension pots of pretty much everyone who was just around retirement age. That part she is completely guilty of.
In the case of both mortgages and pensions, her actions have caused financial hardship for the two groups who should be core Tory voters: homeowners and pensioners.
This is why the Conservatives are completely screwed at the next election. Stuff like partygate and the PPE scandal can be brushed off as Westminster noise, with an “all politicians are corrupt” type narrative. But start messing with people’s mortgages and pensions, and you’re toast.
You could blame the Tory membership for voting her in, some of whom no doubt because they would not support someone of colour.
Karma is coming for her big time. Maybe not today, but…
The issue with the gilt market was driven by the BoE. Their remit is to conduct market surveillance, you had large funds in products that were fundamentally unsound, and pretty much every bond market has had the same weaknesses because of how long low rates went on for (which created big problems for pension funds that were the main purchasers of these products, however because of UK pension regulation these products were particularly popular in the UK).
The same kind of thing happened in 1987 (with poorly structured products) and a direct example is 1994 (when rates were hiked suddenly in the US and led to failures, this also spread to Europe).
This isn’t to say that Truss isn’t to blame either. The reason rates went up initially was because of her actions but if rates rise 30bps and things start breaking, which is what happened, then that isn’t her fault. Politicians do not control the bond market. The BoE has intervened heavily in the bond market for 15 years, there is always this fundamental asymmetry in their perspective where they enjoy heavily intervening in markets but don’t ever seem to take responsibility for outcomes.
It is more remarkable that all this occurred, and something more serious didn’t happen after the BoE lost control completely.
Btw, the same products that caused the gilt market to collapse are still being sold, they are still being sold in very large number to pension funds who ended up losing so much money from them. The reason why this is still happening is because there has been no substantial investigation of the BoE’s failures in surveillance, largely because of their furious briefing against Truss when this occurred and the media buying this completely because of the political profit. For some reason, people are more upset about Truss, a person who isn’t in government than the fact that their financial system is being built on dynamite.
I’ll probably get downvoted for this and I do dislike her overall but I don’t think you can blame her for rate rises- have a look at the interest rates in over developed economies right now- they are all more or less the same
The issue was LDIs and that brewing months if not years before.
Liz Truss was only a tiny part of the mortgage rise. The real culprit was the BoE who printed 500 billion of new money to force bond yields down to zero, and then withdrew that QE when the inevitable inflation came.
Im sure I will be downvoted for this by people who have never looked at the BoE balance sheet.
So takes no responsibility for her actions, but cries crocodile tears of the impact of her Premiership on her family?
Got to remember all the Tories think like her, she’s just a moron that says it out loud. Accountability doesn’t exist in their mind.
I’m more concerned with who she’s been hanging out with in the USA, than mortgage rises’.
She should be imprisoned, not releasing a tell all book.
She is spinning a narrative of a deep state to distract from her own incompetence.
She was known to be a rash, non detailed driven minister who ended up prime minister and the rest is history.
Not a fan of her or the Tories in the slightest but a single budget does not a financial economic fuck up make.
In other words her being in power for a couple of weeks and announcing a budget did not fuck up our economy. The economy was fucked up anyway and she is but an excuse. I fail to understand how people fail to grasp this simple concept but then again these are the same people that blame the 2008 global economic collapse on Labour like it was Labour lending money to home buyers in America that couldn’t afford them causing a global banking crisis. The easy way to understand this is that a government and central bank can print/create however much money it wants, literally as much as it wants. The flip side of this is the world economy. You can’t have one country taking the piss so we have this mechanism called inflation to rectify all this money creation. It was clear we were going to hit inflation, unavoidable, so they installed this puppet to take the fall for it rather than the Tory party and it worked because you all believe it. She continues to play to the media to distract you from the truth of it.
She is completely right unfortunately Liz Truss did not control the global economy as much as Reddit seems to think.
Interest rates are the result of pandemic money printing induced inflation. This is already dropping and interest rates most likely will be dropped around the us and uk elections back end of this year.
Although hopefully they never return back to the sub 2% levels we saw.
She has the skin of a rhinoceros. Quite how she and Kwartang can still hold any position of power is unbelievable.
They are never accountable. It’s people like us wanting a wage where we can live without worry. The boat people’s fault, Russian attack on the Ukraine. Its all bollocks.
You were the fucking Prime Minister who else do we blame? Terry from the Chippy?
I agree. It is absolutely wrong to blame Liz Truss.
I blame the Tories for not calling a G.E, instead appointing yet another incompetent, unqualified, unelected Prime Minister.
Absolutely delusional. Thanks South West Norfolk, can’t wait for you to vote for this clown-show again.
Why the fuck is she being given column inches? Lee Anderson has fucked off and it’s as if he’s died. Gone and forgotten. Why can’t she be?
The collective misery she has caused by her sheer incompetence is criminal.
99% of the way she acts, looks and talks reminds me of 12 years with my covert narcisstic ex-wife. Delusion, lies, deflection, grandiose, and fundamentally broken. No other MP – and there’s defo many narcissists there – trigger so many memories.. I doubt that’s all me projecting.
Why is she doing this interview in front of the US Capitol building? Shouldn’t she be here representing the people of Norfolk who elected her? Many of them are clearly in need of serious help given the fact they keep electing this moron.
To be fair to Liz Truss mortgage rate rises WERE inevitable.
But she did pull them forward unnecessarily quickly compared to other countries, pulling hundreds of thousands of mortgage holders into high repayments.
Banks have done well from Liz Truss’ blunder though.
This woman notified her friends to pull shares and place them elsewhere before she announced her fiscal policy, everyone got away with it
You are arguably the worst prime minister Britain has ever seen in its entire existence, you done more damage than anyone in less than six months
Well, she’s a Tory so I’d imagine it’s the fault of either immigrants or people on benefits, maybe even the homeless or the lettuce.
I’d prefer to have a salad made from the og lettuce than listen to her mad conspiracy theorising, self-pitying shite for a second longer.
I only poured the petrol, lit a match and randomly chucked it. You cant blame me for the fire!
every time i go to the shops and see a lettuce i think of her. It’s funny and a curse at the same time.
She was in power for 6 weeks; imagine the complete apocalyptic, Orwellian wasteland we’d have had to live in if she had 6 months in the job. The mind boggles
What is it with Tories and not taking any accountability for there actions whatsoever…. actual scum party
She’s right, it’s Johnson and Sunaks fault mainly due to the £400bn they wasted.
Truss lives in a fantasy world as well, cut taxes if you want but be honest and admit you need to cut spending massively if you want to do that.
Reckless borrowing with no plan was the problem.
This twat and crazy bastard Kwasi really did a number on us.
She’s either stupid or incapable of self reflection. A true sociopath.
She really thinks her ideas are good .
A narcissistic sociopath with Dunning Kruger effect.
Same as 85% of Westminster.
https://en.m.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
I renewed my mortgage two weeks before she was in power, with all the other price rises that happened in quick succession I would have been in real danger of losing my home due to her crackpot economic policies. Pure luck saved me, but I’m still angry on behalf of other people who weren’t so fortunate. The fact she gets her pension, and honours list, is abhorrent.
Always the same story from the personal responsibility crowd.