Post by SpikePost by The TodalPost by SpikePost by BrianPost by Jethro_ukI read that Liz Truss has instructed lawyers to inform the whole world
that she feels being called "incompetent" and accused of "crashing the
economy" is damaging her reputation and amounting to a slanderous libel
(is that a tautology ?).
Obviously as an ongoing legal action, it would be inappropriate to
comment on the specifics here in the event the matter goes before the
court.
However it would be interesting to discuss in the round if there is any
precedent for an incompetent Prime Minister whose actions caused
quantifiable economic harm to use legal threats to silence critics ?
Link to the full letter.
< https://bsky.app/profile/twright-law.bsky.social/post/3lfclmpczys2w >
I can’t help thinking she has made herself look foolish.
That aside, surely those who claim her Government crashed the economy are
simply expressing an opinion.
Perhaps the problem with the C&D letter issued on behalf of Ms Truss is
that it could be demonstrated that the economy is now in a worse state than
under her leadership, and if she had ‘crashed the economy’ then the current
incumbents have done worse, and are slinging mud in order to deflect
attention away from their woes.
Why do you say that is a problem?
Because it is, for TwoTier.
But it isn't really, is it? For decades, maybe centuries, it has been
the custom for each political party in the UK to accuse the previous
government of wrecking the economy. Whether there is any truth in the
allegation is debateable - it often depends on which criteria you apply.
Did Truss actually crash the economy in a manner which is different from
anything done by other governments? Most people think so.
https://www.theguardian.com/uk-news/2022/sep/30/liz-truss-uk-economic-crisis
quote
Determined to quickly make her mark, Truss announced a radical new
economic agenda of tax cuts and spending worth tens of billions of
pounds funded by borrowing – the true total of which is still not known.
The move, which appeared to also violate public spending curbs, tore
apart the orthodoxy established by the three Conservative prime
ministers who went before her during 12 years in power that tried to
emphasise fiscal prudence.
Truss’s drive for growth proved too radical for traders. The pound was
sent spiralling to reach its lowest value against the US dollar, an
embarrassing intervention from the central bank – the Bank of England –
was made to avoid a raid on pension funds, and rebukes from foreign
observers, including the International Monetary Fund (IMF), were swift.
Government bonds, known as gilts, had also seen a sell-off. And markets
were predicting a sharp increase in interest rates, as the Bank of
England stepped in to offset the inflationary impact of the plans.By
Tuesday, almost 300 mortgage deals had been taken off the market as
lenders reassessed the outlook for rates. Estate agents were reporting
house purchase chains collapsing, as lenders and buyers pulled out.
As the crisis deepened, the vicious increase in yields, which had
already gone up sharply in recent months, was wreaking havoc for pension
funds.
Amid fears that panic-selling of bonds would create a self-fulfilling
“doom loop”, and some funds warning they were in effect at risk of
becoming insolvent, the Bank rode to the rescue.
Post by SpikePost by The TodalPost by SpikePost by BrianWhat is more, similar opinions are normally expressed about political
opponents. Reeves is currently in the firing line. Sunak spent time there,
as did Brown, and countless others.
Truss needs to accept, in politics, you get criticised. Often it is
deserved. Even if your critic’s performance / behaviour is worse than
yours, it may be hypocritical, but reacting like this is madness.