Liz Truss

Where did it all go wrong?

From supporting the legalisation of cannabis and being staunchly anti-royal, to perpetuating a failed war on drugs and clamouring to hand out feudal titles. Mary Elizabeth Truss’ story is one of profound crisis. A career of great contradiction and a floundering 50 day premiership, from an upbringing “to the left of Labour” to the head of what is rapidly becoming the flagship of far right politics in the UK, The Conservative Party. Let’s pick through the pieces of a career that was once destined for greatness.

The Rise of an Unconventional Conservative

Liz Truss's political journey has been anything but conventional. Born in Oxford in 1975, she grew up in a household with left-leaning political views. Her father was a self-employed teacher, and her mother worked for the London Underground. This upbringing was the foundation for a political career that would later lurch dangerously to the right.

After studying philosophy, politics, and economics (PPE) at Oxford University, Truss embarked on a career in economics, working for Shell and Cable & Wireless. Prior to this, though, She was already deeply involved in politics throughout college and university, the president of the Oxford University Liberal Democrats and a member of the national executive committee of Liberal Democrat Youth and Students (LDYS). In 1996 though, Truss had left the Liberal Democrats to join the Conservative party.

The Road to Notoriety

Truss quickly gained notoriety for her unorthodox and sometimes controversial views. She advocated for the legalisation of cannabis, a stance not often associated with the Conservative Party. Her libertarian-leaning positions set her apart from many of her colleagues.

One of her earliest and most notable battles was against what she termed the “cheese police.” In a speech at the Conservative Party Conference in 2012, she criticized regulations that governed the shape of traditional British cheeses. This unconventional stance earned her both admiration and ridicule in equal parts, though, it also brought her to the forefront of political discourse. 

The Truss Doctrine: A Thatcherite Revival

As Truss climbed the political ladder, she solidified her reputation as a staunch free-market advocate, seemingly ignorant of the devastating impact those with similar ideology have had on the UK. Her economic doctrine, sometimes referred to as “Trussonomics,” called for deregulation, tax cuts, and a smaller state. Truss believed that reducing government intervention and freeing up the market would stimulate economic growth and individual prosperity. Worth noting here that there is no clear evidence that this would work, in fact, there is considerable evidence to the contrary.

During the leadership campaign that followed Boris Johnson's resignation in disgrace, Truss positioned herself as the standard-bearer for these Thatcherite principles. She promised to cut taxes, slash red tape, and champion free-market capitalism. Her campaign somehow struck a chord with a segment of the Conservative Party that yearned for a return to these ideals.

The Mini-Budget and Rapid Downfall

Upon assuming the role of Prime Minister in September 2022, Truss wasted no time in implementing her woeful vision. Her “mini-budget” she believed, was a bold and audacious move, slashing taxes and promising economic growth. However, it very quickly proved to be her downfall.

The plan, which included a controversial cut to the top income tax rate, a reduction in corporation tax, and various other tax breaks, received widespread criticism from across the political spectrum and beyond. The markets reacted negatively, with the pound falling to a 37-year low against the US dollar and the FTSE 100 index taking a hit. Compound this with the fact that the general population was already in the throes of a cost of living crisis, and it’s obvious that this was always going to be a disaster for Truss.

Amidst growing public backlash and plummeting approval ratings, Truss faced a rebellion from within her own party. On the 50th day of her premiership, she announced the reversal of several key policy measures, including the income tax cut for high earners. Following this, she followed her predecessor by resigning in disgrace, leaving much less ceremoniously than she came.

A Legacy of Failed Ideals

Liz Truss's brief tenure as Prime Minister exposed the fault lines in her political philosophy. Her commitment to radical economic liberalism clashed with the realities of governing a nation. The mini-budget, once hailed as a bold move by some, unravelled rapidly, and Truss was forced into a series of humiliating U-turns.

The episode served as a stark reminder that ideology alone cannot drive a successful government. Truss's vision, often criticized for its right-wing leanings, may have resonated with a certain faction of the Conservative Party, but it failed to withstand scrutiny and the harsh realities of economic governance. The belief that tax cuts alone could spur economic growth was proven, again, to be a fallacy.

A Cautionary Tale

Liz Truss's rise and fall serve as a cautionary tale in the world of politics. Her journey from unconventional backbencher to Prime Minister was marked by contradictions and ideological fervour, particularly in her right-wing approach to economics. However, her rapid downfall showcased the importance of pragmatism and adaptability in the realm of governance.

As the Conservative Party faces the aftermath of Truss's tumultuous premiership, it must grapple with the lessons learned. The pursuit of radical change must be tempered with an understanding of the complexities of governing a nation. Trussonomics, once touted by some as the path to prosperity but often criticized for its right-wing inclinations, has once again been relegated to the annals of failed economic experiments, no doubt to be picked up again in another decade as some other junior right-winger attempts to claim their cut of the ‘Thatcherite’ pie.

In the end, the story of Liz Truss serves as a stark reminder that politics is not a realm for ideological purity alone, but a dynamic arena where the ability to navigate challenges and respond to changing circumstances ultimately determines one's success or failure. She began her career in politics as a radical liberal, fighting for many things liberals across the UK are still fighting for today, but she ended up in a place almost opposite of those initial ideals. And it’s worth noting that whilst Truss is now regularly used by the government as a scape-goat for the many problems it finds itself in, not all should be attributed to her small time as the head of the party, and the prime minister of the United Kingdom.