But she was not successful, he wrote, because she had undermined “the blob of vested interests” and conservatives.
She wrote, “I am not claiming to be blameless in what happened, but fundamentally I was not given a real chance to implement my policies by a very powerful economic establishment, along with a lack of political support.”
“I had assumed upon entering Downing Street that my mandate would be respected and accepted. How wrong I was. While I anticipated resistance to my program from the system, I underestimated its extent.”
She attributed the reaction not only to the left-leaning conservatives of the economic establishment, but also to liability-driven investments (LDIs), which pension funds use to cover their obligations. LDI was at the center of market turmoil after its mini-budget.
The truce also said it underestimated “resistance within the Conservative parliamentary party to moving to a low-tax, less-regulated economy” and a campaign on the global stage to “limit competition” between major economies. Was.
“As I said during the leadership campaign, I wanted to go for growth … but this was not in line with the comfortable views of the Treasury (Ministry of Finance) or the wider conservative economic ecosystem.”
Grant Shapps, the trade minister, said everyone wanted lower taxes, but Prime Minister Rishi Sunak’s government had to focus on reducing debt, reducing inflation and boosting growth first.