Why Liz Truss Failed While Margaret Thatcher (Partly) Succeeded

Source: Foundation for Economic Education
by Jess Gill

“Throughout her leadership election campaign, Liz Truss gave a strong impression that her government would be devoted to the free market. The Prime Minister ran on a platform dedicated towards ‘freedom, low taxes and personal responsibility.’ The newspapers depicted her as a radical libertarian and the next Margaret Thatcher. … However, with the pound falling to its lowest ever level against the dollar, causing the Bank of England to intervene, Truss was quickly pressured into reversing the key pledges of the budget. Truss apologized for going ‘too far and too fast’ and within a few days she resigned making her the shortest serving prime minister in British history. As British libertarians hung their heads in disappointment and embarrassment, enemies of the free market smugly commented about how Liz Truss had destroyed free market philosophy.” (11/14/22)