The Guardian’s deputy political editor and economics correspondent take a look
, and sold them for a profit of about £3.5bn. These profits are though of limited significance given the purpose was to prevent the collapse of the financial system.
Dramatic movements in the bond market had already begun, meaning the mini-budget faced a very difficult environment. Only now can I appreciate what a delicate tinderbox we were dealing with in respect of the LDIs … political and media commentators cast an immediate verdict blaming the mini-budget. Regrettably, the government became a useful scapegoat for problems that had been brewing over a number of months.
There was a concerted effort by international actors to challenge our plan for growth. The IMF commented on distributional aspects rather than market stability, which it is hard to conclude was anything but politically motivated. Then there was the intervention from President Biden, whoIt was never entirely clear if Joe Biden’s criticism of trickle-down economics was intended to be a criticism of Truss.
And the final straw was disastrous party management over an inconsequential Labour debate on fracking, with chaos in the voting lobbies and the resignation and then un-resignation of the chief whip. After that, there were more than 100 letters of no confidence in the prime minister and the situation was clearly untenable.
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