Politics · United Kingdom · 6 hrs ago
Liz Truss says her 2022 mini-Budget would have improved UK finances
Former UK prime minister Liz Truss is defending her 2022 mini-Budget in a new book called Bank Job.
The plan included £45 billion in tax cuts, including a cut to the top rate of income tax, announced by her chancellor, Kwasi Kwarteng.
The announcement was followed by turmoil in financial markets, with bond yields rising and the pound falling, and Truss left office after 49 days as prime minister.
Truss argues that the measures would have improved public finances and blames the Bank of England and financial establishment for the crisis.
She says UK finances are now in a more fragile state, while a former Bank of England chief economist has warned that the government risks a similar crisis if it does not cut public spending.
Chancellor John Healey is due to present a Budget on Wednesday, which is expected to offer limited help with energy bills and targeted support for businesses, funded partly by taxes on banks.
Liz Truss says the tax cuts in her 2022 mini-Budget would have left UK public finances in a better state.
In her new book, Bank Job, she blames the financial establishment and the Bank of England for the market turmoil that preceded her departure as prime minister.
The mini-Budget included £45 billion in tax cuts, including a reduction in the 45p tax rate for higher earners.
Former Bank of England chief economist Andy Haldane has warned that the government must cut public spending to avoid a crisis like the one during Truss’s premiership.
- Who
- Liz Truss, a former UK prime minister.
- What
- She argues that her 2022 mini-Budget measures would have improved public finances.
- When
- She made the claims in a new book reported on 24 October 2026.
- Where
- The United Kingdom.
- Why
- She says the measures would have improved public finances and blames the financial establishment and the Bank of England for the market turmoil that led to her departure.
Liz Truss
Andy Haldane
Mini-Budget and public finances
Liz Truss
Truss says her tax cuts would have left public finances in a better state.
Andy Haldane
Haldane warned that the government must cut public spending or risk a crisis like the one during Truss’s premiership.
Kwasi Kwarteng announced £45 billion in tax cuts in Truss’s mini-Budget, after which bond yields spiked and the pound fell.
The Daily Mail reported Truss’s defence of the mini-Budget in her new book, Bank Job.
Chancellor John Healey is due to deliver a Budget, according to the article.
- Book
- Bank Job
- Mini-Budget tax cuts
- £45 billion
- Higher-earner tax rate
- 45p
- Truss’s time as prime minister
- 49 days
What people are saying
People said my tax cuts would... worsen the public finances. We've now tried the opposite and the public finances are worse.
take the knife