"Getting rid of Rachel Reeves won’t unleash economic growth alone – the Quangocracy needs to be dismantled"
Telegraph: 1st November 2024: Former Prime Minister Liz Truss writes for the Telegraph asking why the economic institutions are playing a different game to the one they played back in Autumn 2022
"After Wednesday’s punishment Budget by Rachel Reeves, the gilt rate spiked higher than it did after the mini-Budget of autumn 2022. The markets revolted at her hit to growth and the gargantuan borrowing figures.
Yet, unlike in 2022, economic institutions like the International Monetary Fund and the Bank of England have not issued a peep of warning about the Budget and media outlets like the BBC assure us that everything is calm...
The risks of the Reeves Budget are all on the downside... The independent Growth Commission assesses that it will reduce economic growth by 3.4 per cent over five years. Even the Institute for Fiscal Studies believes that her plans for public spending are unrealistic...
...Despite the obvious unsustainability of this position, economic institutions like the Bank of England, the Treasury and the IMF have circled the wagons around Reeves.
In order to turn this country’s economy around, it won’t be enough just to get rid of the ghastly Reeves. The whole failed edifice needs to be brought down.
This requires wresting control of our economic institutions from opaque functionaries and ensuring that the power lies with elected government ministers who can be held to account, rather than figures such as the Bank of England Governor or the OBR bosses whose catastrophic decisions, multiple failures and flawed forecasts never seem to get called out."