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Former prime minister Lizz Truss said she was “completely blindsided” by the UK’s pension market prior to her disastrous mini-budget.
Ms Truss appeared on ITV’s Peston show on Wednesday (17 April), where she admitted she and Kwasi Kwarteng – who was chancellor under Ms Truss’s government – didn’t know the “extent of the vulnerability” of the pensions market prior to their mini-budget in September 2022.
The mini-budget included £45bn of unfunded tax cuts and was followed by days of turmoil on the markets, a fall in the value of the pound and rises in the cost of UK government borrowing and mortgage rates.
Ms Truss said: “I didn’t know about it and Kwasi didn’t know about it either. So we were completely blindsided.”