Liz Truss’s legal letter claimed the September 2022 market meltdown was the result of factors over which she had ‘no control’.Liz Truss’s legal letter claimed the September 2022 market meltdown was the result of factors over which she had ‘no control’.The former prime minister sent a six-page “cease and desist” letter accusing Starmer of harming her reputation and contributing to her
The row came as the UK’s long-term borrowing costs hit their highest level since the 2008 banking crisis, and the value of the pound reachedin October 2022 could not accurately be described as “a crash of the economy” because it did not involve a fall in GDP or rise in unemployment.In response, the prime minister’s spokesperson said that Starmer would not be moderating his language about Truss’s record.
Truss’s legal letter claimed that the dramatic rises in interest rates and long-term government borrowing costs during her short-lived premiership were the result of failures by the Bank of England, and that describing them as an economic crash suggested an “ignorance of basic economics”.as a result of the meltdown in government bond markets after Truss’s mini-budget.
When the value of government bonds dropped dramatically after the disastrous mini-budget, pension trustees were forced to sell their holdings at speed to raise cash, which further drove down the value of bonds, creating a “ Crediting Lilico’s report, Truss’s legal letter argued that “the LDI crisis would have happened at some point in any event” and that it could not be described as “a crash of the economy”.Senior Conservatives, including Rishi Sunak, have been scathing of her handling of the economy.
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