Telegraph review gives Liz Truss’ new book ‘Bank Job’ zero stars
The reviewer called it 'the most deranged thing I’ve ever read'
A scathing Telegraph review has given Liz Truss’ new book ‘Bank Job’ zero stars, with the reviewer calling it “the most deranged” book they have ever read.
The review by Simon Heffer slams Truss’ “preposterous book-length attempt” at justifying her disastrous mini-budget, and accuses her of failing to concede “she was remotely at fault” for the economic chaos that followed.
The piece accuses Truss, who lasted 45 days as prime minister, of making Andrew Bailey, the Governor of the Bank of England, “her scapegoat-in-chief”.
Truss’ book also takes aim at journalists for failing to ask “awkward questions” about “unaccountable yet powerful state institutions”.
In one particularly striking passage, Truss defends the £45 billion of unfunded tax cuts included in her government’s 2022 mini-budget by saying “every tax cut is unfunded”.
But Heffer quickly dismantles her argument, pointing out that in Sir Geoffrey Howe’s 1979 budget, he cut income tax but paid for it by almost doubling VAT.
“There was no such balancing act in 2022”, he adds.
As a result of announcing plans to scrap the 45p top income tax rate and cancelling unfunded corporation tax hikes, the value of the pound dropped to a record low, and market panic caused government borrowing costs and mortgage interest rates to surge.
Instead of taking accountability for the unfunded tax cuts, Truss’ book claims “The Bank of England rug-pulled the elected government of the day because it didn’t agree with its policies.”
The “rug-pulling” was, she proclaims, the Bank’s decision to sell £80 billion of gilts the day before Kwasi Kwarteng’s disastrous mini-budget.
However, Heffer challenges Truss’ claim, highlighting that the Bank of England had announced a programme of selling gilts on 1 September 2022, five days before Truss became prime minister.
The gilt sales were then delayed until 1 November 2022 due to the chaos caused by the mini-Budget.
In one final damning blow to her new work, he said: “Of all the books I have ever reviewed that purported to offer a serious thesis, this is without question the most deranged.
“If you are seeking a Christmas present for someone you really don’t like, give them a copy.”
Olivia Barber is a reporter at Left Foot Forward
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