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Liz Truss’s disastrous mini-budget is not to blame for the UK’s economic crisis, according to one of her closest allies. Former cabinet minister Simon Clarke believes the war in Ukraine is a bigger factor than Truss’s £45 billion in unfunded tax cuts.
In the aftermath of the mini-budget delivered by then-Chancellor Kwasi Kwarteng less than two months ago, the value of the pound fell, interest rates rose, and the Bank of England was forced to intervene to bail out the pensions industry.
Appearing on Sky News this morning, presenter Sophy Ridge asked Clarke, “Why should people listen to what you have to say?”
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But the Middlesborough South and East Cleveland said, “I would reject the idea that what has happened in the economy is primarily a result of the actions that Liz took.
“The reality is that a third of the global economy is now in recession. We are faced with extraordinary headwinds coming out of the situation in Ukraine, which has driven inflation to levels which we haven’t seen in my lifetime.”
However, Clarke added, “I completely accept that mistakes were made with the timing of the mini-budget and I take my share of responsibility as one of Liz’s cabinet ministers.”
Former cabinet minister Simon Clarke maintains that Liz Truss's economic plans were not entirely to blame for the financial crisis despite the Bank of England having to step in.#Ridge: https://t.co/ZoMhCnb2l3
Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/ibA9n796aJ
— Sophy Ridge on Sunday & The Take (@RidgeOnSunday) November 13, 2022
Clarke also insisted that Truss is doing well, despite becoming the UK’s shortest-serving prime minister after being forced to resign after only six weeks in office. He said, “She is remarkably resilient. She’s always been exceptionally dignified and there’s no self-pity there.
“There is obviously regret and we all share regret for what happened, and I certainly continue to regard Liz as both a great colleague and a good friend, and someone who has fundamentally got her perspective on what this country needs to do, right?
“We obviously all have to look back and learn the lessons of what happened in the autumn but ought the message that ought to go out that Britain is a high-tax, high-regulation economy, as Labour want it to be, I’m afraid that is not true.”
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Clarke also warned Rishi Sunak and Jeremy Hunt not to raise taxes in the autumn statement on Thursday. The chancellor is expected to announce plans to cut public spending by £35 billion while raising taxes by £25 billion.
Clarke said, “It is absolutely right that we balance the books. I would urge Jeremy that do as much as we can from spending reductions as opposed to tax increases, noting that tax is clearly at a very high level.
“Faced with the recession risk that we all know exists at the moment, I think the best pro-growth option would be to reduce spending rather than to increase taxes.”
The post Sophy Ridge Fired At Liz Truss Ally Over The Mini-Budget appeared first on SurgeZirc UK.
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