YouSaid · the spoken record

Liz Truss

lines on the record: 56
first: 2022-12-05
most recent: 2022-12-05
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Behind the scenes, the leader of the all powerful backbench nineteen twenty two committee, Sir Graham Brady, could see where events were headed.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Trusts had sacrificed her friend, her growth plan, her agenda for government. Did she did her allies think she could still save her premiership? Her speech writer Aesa Bennett.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“The true extent of how much trouble Liz Truss was in, of how badly wrong her gamble had gone, became clear when Jeremy Hunt stood up in the House of Commons to deliver the Chancellor's Autumn Statement undoing almost every one of his predecessor's policies.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Truss replaced her friend with a man who was the very antithesis of everything she stood for the softly spoken, reassuring former health secretary, Jeremy Hunt.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Inside number ten her speechwriter Aesa Bennett was beginning to wonder if it might all be over not just for Quarteng, but for Liz Truss too.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“The Chancellor cut short his visit. I was presenting the Today program when along with millions listening and what she at home we followed the flight tracking websites to see when his flight would land back in Britain”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“By absolutely ruling out further spending cuts and refusing to reverse tax cuts, the Prime Minister was gambling once again, on the markets being prepared to tolerate plans to borrow more and more and more. The pressure on Liz Truss continued to mount. The Times reported in an exclusive that the Treasury had advised the Chancellor to rip up his mini budget tax plans to reverse the plan to cut corporation tax. The markets liked it, political markets rather less so Quasi Quarteng was on his first foreign visit at a meeting of the IMF in Washington.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Keir Starmer asked her whether she stood by a promise she'd made when she ran to be Tory leader not to cut public spending.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Following week as borrowing costs continue to rise and under mounting pressure to make further U turns, Truss made her situation even worse at Prime Minister's questions”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Did it feel like Liz Truss Nil, Treasury Orthodoxy, won? The Daily Mail's verdict the next day was stark after what they described as a screeching late night reversal on tax policy, they used their front page headline in big bold capitals to tell trust to get a grip.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“What struck me that morning was just how upbeat she appeared, giving not a word of explanation on or off air about what had gone so terribly wrong. speechwriter Aza Bennett insists that despite all this, she was not in denial.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“We are recording this interview on Monday lunchtime at your office's request. Can we be sure that what you say now won't have changed by the time this interview is broadcast?”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“A few hours later on that same morning I was due to interview the Prime Minister for the following days today program. I pointed out to her advisers that given what I delicately referred to as the pace of events, it might be a little unwise to record an interview twenty odd hours before it was due to be broadcast. Prime Minister, thank you for taking the time to be great.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Normally politicians who were performing a U turn get their apology in fast they talk of their contrition in their first or second answer. Not so quasi quarteng It took, and I did count seventeen minutes to get there.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Liz Truss's U turn was embarrassing, humiliating even for the very papers that had given her the most support. The Daily Mail had greeted the mini budget with the front page headline at last a true Tory budget it appraised its boldness and courage, it had predicted that it would lift confidence and spark a surge in consumption and investment. Their headline on that conference morning had to change after a late night phone call from the Chancellor to the editor of the mail. When Ted Verity was told that the government was going to back down, he replied You've killed off the tax cutting agenda for a generation. Good morning at six o'clock on Monday the third of October this is today we're just in Webb in the studio”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“That night the Tory supporting press was in no doubt what the story was. The telegraph published its editorial at nine thirty PM Liz Truss is not for turning its headline declared. The Prime Minister was praised for her bravora performance on TV. She was, they concluded, clearly not a leader easily buffeted by events, if she thinks she's right. Little did they know that the lady was about to turn.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“The start of the conference Liz Truss had the opportunity to change that conversation in a Sunday morning TV interview with Laura Kudensberg. Just one problem. Also in the studio that day was her arch political enemy Michael Gove, who weeks before had described her economic plans as a holiday from reality.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“The interview with Radio Leeds was just the first in a long series of bruising confrontations. At the end of all the interviews, the number ten verdict was could it have gone better? Yes. Was it a disaster? No. Yet later that day came the first signs of just such a political disaster for Liz Truss, an opinion poll showing that labour now had a staggering thirty three point lead. Toring backbencher Bimafalami learnt the news as he walked into the studio to talk on the BBC's newscast.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Do you think others in the Treasury, in the IMF, wanted this government to fail? For day after anxious day there be no word in public from the Prime Minister until Number 10 Let it be known that Liz Truss's first reaction to the chaos that had been unfolding”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Trust supporters suspected they still suspect to this day that this was the treasury orthodoxy fighting back. After all they muttered hadn't the man truss had sacked as the treasury's top official Tom Scholar once been the UK's man at the IMF in Washington. John Moynihan, venture capitalist and trust financial backer, blames the regulator and the bank for failing to get to grips with the risk posed to the pension funds by those risky investments”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Bank of England stepped in, promising to be ready to buy a staggering sixty five billion pounds worth of gilts to avoid what it would later call a self reinforcing spiral and widespread financial instability. The Governor of the Bank would say later that he had no choice to act as we were in his view, just hours from financial Armageddon. On the same day the International Monetary Fund launched a withering attack on the mini budget.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“They gambled on being able to borrow cheap, and they'd lost their bets, and now needed to be rescued. Jane Foley of Rabbobank again.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“As the markets wobbled the pound fell, the long term cost of boring rose, the Chancellor told his allies that markets would do what markets do, but that insuciance would have to go when a series of pension funds warned that they were in trouble deep trouble.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“not least for documentaries about politics. They defended themselves in a series of letters. The message of those is summed up by the shadow Chancellor Rachel Reeves.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“The economist Gerard Lyons On the Wednesday the US Central Bank the US Federal Reserve had raised interest rates quite aggressively and sent a clear anti inflationary message. On the Thursday the Bank of England met, they didn't raise interest rates as much as the Fed or as the markets had hoped for, and at the same time they said that they were going to be issuing or selling guilts over the next year, so that added to markets worries. Then we had the mini budget on the Friday, and then the Chancellor's comments on the Sunday. And even though the mini budget has naturally been seen as the whole trigger for the sell off, the reality is also that the actions of the Bank of England, ahead of the mini budget, had not helped. They had led or contributed to the markets becoming very concerned about the build up of inflationary pressures in the UK. Officials in the Bank of England don't do interviews for documents.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Those watching inside number ten described it as a head in hand's moment. But not everyone blamed the Chancellor or the Prime Minister or their policies. Some of Liz Truss's allies blamed instead the Bank of England for keeping interest rates too low for too long, and being slow to put them up again.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“On the Sunday morning after his mini budget, the Chancellor appeared on the Laura Koonsberg Show. Many assumed that his principal task would be to reassure the markets. Instead, he unnerved them even more.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Tory backbencher Bim Afalami Afterwards in the sort of corridors around the chamber, everybody really said the same thing which was it's a big risk, it's a big gamble, let's hope it pays off. The Chancellor meantime headed to the pub to raise a glance or two to the new era he'd just unveiled. Not everyone shared that excitement, many worried how quasi quarteng's promises would be paid for if spending wasn't to be cut, surely borrowing would have to increase. The markets were increasingly nervous”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“A treasury insider told me that there had been plans to stress the need for spending restraint. Four new paragraphs had been added to the Chancellor's draft speech. They'd been deleted at the last minute because they were told ten think it will be a distraction.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“What was also strange was looking at the labour benches and the labour benches couldn't just couldn't believe what they were hearing. I had never sat through a budget like that. Labour's Rachel Reeves. We didn't have in my response anything about cutting the top rate of tax because we didn't anticipate that happening. The reason that we didn't anticipate it happening is that it was bad economics and bad politics. It wasn't just the politicians who were taken by surprise. So too those in the world's financial markets. Amongst them Jane Foley, a strategist at Rabobank, a big Dutch investment bank.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Sitting behind Simon Clark was the Tory backbencher Bim Afalami. It was Very, very strange. I've been elected five years. I've seen a few budget announcements and autumn statements, that sort of thing. But this one had a weird, as the Chancellor Kwasi-Kwatang, who I should say is a friend and somebody who I know well, as he was speaking, you could feel a sort of sense on the conservative benches of the sort of eerie sense of impending political doom”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“It was then that an idea that had first been discussed in cheaping in the summer was revived, the idea, even more controversial than the plan to cut the cap on bankers' bonuses, a plan to cut the top rate of tax, the forty five P rate paid by the very richest. One of Truss' advisers told me that she'd concluded if she was going to act quickly, she might as well do everything quickly. The details of the full scale of what truss and quieting planned to do were only known by a handful of officials. The Governor of the Bank of England has complained publicly that he and the committee which met on the eve of the mini budget to decide how much to raise interest rates had no idea of the scale of what was coming. Even many of those closest to trust had no idea what was to be announced in the mini budget until the night before.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“This was the trust that her backers loved, the woman prepared to say what you're not meant to say the woman prepared to disrupt the woman who chose to embrace what was designed as an insult, the description that she was a human hand grenade. Aesa Bennett again.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Just how decisive, how bold Liz Truss was willing to be became clear when the Financial Times splashed on the news that the Chancellor was seeking to scrap the cap on bankers' bonuses. On a visit to the United Nations in New York, Liz Truss was unapologetic about an idea that was widely perceived as helping the rich at a time when the very poorest were struggling.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“For years past every one of her predecessors had feared, had discussed, had planned for Operation London Bridge, the official title for the period of mourning after the death of the monarch. Yet it was Truss who bore that responsibility before she'd had any time to establish herself as the leader of her party, let alone the country. Nevertheless those first few days in office, her first big policy announcement, her handling of the death of the Queen made her ever more confident in the role. To feed what one adviser calls her sense of unchecked glory. One grumbled to me that she now saw herself as world queen. It was during this period that Liz Truss had to take the crucial decisions about how far to go in what became known as her mini budget. Aesa Bennett her speech writer again.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Rachel Reeves, the shadow chancellor, was sitting on the opposition front bench. She was watching her leader reply to that energy price guarantee.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“But as she was telling MPs the details of her energy price guarantee, News came that would turn her world the world upside down.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“The scale and the speed of this announcement was meant to prove that her promise to hit the ground running had not been an empty one.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Was in a hurry to do everything, but in particular to cut energy prices. The woman who'd sneered just a few weeks ago at what she called handouts had decided to handout billions in order to cut people's energy bills. One of her advisors pointed out that she was planning to spend as much as the furlough program and the purchase of the Royal Bank of Scotland combined. She said to have told him So be it”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Lizras had built her career on turning up the volume, on being the most radical person in the room, a civil servant who worked for her as foreign secretary and prime minister told me, the problem after she got to number ten was there was no one to hold her back.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“That pledge made on the steps of Downing Street to implement a bold economic plan was written with the help of her speech writer Aza Bennett.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Also achieving were three top treasury officials. I'm told that no warning was given about the potential consequences of large unfunded tax cuts. Indeed, officials did not believe it would be constitutionally proper for them to do anything other than answer questions put to them by Liz Truss, given that she was not Prime Minister at this stage. One political insider tells me that the officials were intimidated by the fact she'd sacked their boss and look set to win office with a mandate to ignore Treasury Orthodoxy. In other words, to ignore them.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“On the eve of taking power, Truss called to Chiefing a trio of economists. They'd become known as the Truscateers, all three big supporters of Brexit, who wanted her, who wanted the country to take advantage of the economic freedoms of life outside the EU, amongst them doctor Gerald Lyons, of net wealth. He'd been Boris Johnson's economic advisor when he was mayor of London, and he was an enthusiast for tax cuts and deregulation. But even he did urge caution.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Closer Liz Truss came to power, the smaller her circle of advisers became. By late August, more than two weeks before the votes were be counted, she was being treated as the Prime Minister elect, the country's top civil servant, the Cabinet Secretary Sir Simon Case, was a regular visitor to her HQ at Chiefing. Case was told, according to one of Tros's inner circle, that he was also for the chop. As a result, it's claimed that he spent the summer trying to secure his own job.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Urged on by her free market allies, Liz Trus would sack and sideline her official advisers, but they were not alone in being, as one advisor described it to me, executed in the room. Anyone on her own team of AIDS and future ministers who raised the need to cut spending, to pay for future tax cuts was told that they could, and I quote worry later about that, as to talk about it now would quotes distract from the message. I'm told that anyone who persisted was then labelled weak and accused of spouting treasury orthodoxy. Simon Clark, who was at the time the Minister for Public Spending, thought he had an agreement with Truss that she would launch a new spending round to find the savings needed to pay for tax cuts. He says they discuss cuts of between five and ten percent. Until that is She abandoned the idea.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“John Moynihan was no mere fundraiser for Liz Truss during the leadership campaign he spoke to her again and again, just as much as John Moynihan loved the zeal of Liz Truss, a convert to his views, he was deeply suspicious of Rishi Sunak, her opponent. Some even called him a socialist, did you?”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Urging her to take on and take apart that treasury consensus was the chief fundraiser for her leadership campaign, John Moynahan, who'd also raised money for the leave campaign, a venture capitalist and former chief executive of PA consulting. He's a supporter of the free market think tank, the Institute of Economic Affairs.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“would by law have to be accompanied by full economic forecast, carried out by you guessed it The OBR How much money did you raise Philistra?”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Next on the list of people trust feared might get in the way was the OBR, the Office for Budget Responsibility, created by her Tory predecessor George Osborne, to make sure that government's plans had to add up and be shown to add up by an independent forecaster Truss was contemptuous of the OBR. She and her allies believed they got their forecasts wrong. They believed in what she called abacus economics. They were number crunchers who failed to see the potential to grow the economy by cutting taxes and cutting regulations. She took the decision to announce her economic policies in what was called rather bafflingly, a fiscal event. It was a formulation chosen deliberately to avoid the word budget. Anything called a budget, even if the word emergency or mini were tacked on.”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source
“Top of Liz Truss' list of those who might stand in her way was the top official at the Treasury, Tom Scholar, the permanent secretary. Was he seen as an obstacle to what she'd want to do?”
2022-12-05 · Political Thinking with Nick Robinson · The Liz Truss's Big Gamble One · IDENTIFIED FROM THE TRANSCRIPT · source