Former Prime Minister Liz Truss has refused to apologize for the increase in mortgage rates during her time in office [3290faca]. Truss blames the Bank of England, particularly Governor Andrew Bailey, for the loss of confidence in financial markets [3290faca]. She acknowledges that she did not meet Bailey during her time in office but now believes she should have [3290faca]. Truss also mentions that the government did not have the confidence of the markets due to resistance from organizations like the Bank of England and the Office of Budget Responsibility [3290faca]. The interest rates rose sharply after the mini-budget and the promise of further tax cuts [3290faca]. Truss denies responsibility for the increase in mortgage rates, stating that it happened worldwide [3290faca]. She attributes the problems in the market to resistance and actions by the Bank of England [3290faca]. Truss made these comments during an interview with Sky News in Washington DC while on a publicity tour for her new book [3290faca].
In a recent article from The Times, it is reported that Liz Truss, former prime minister, criticized the Office for Budget Responsibility (OBR) and called for the firing of Andrew Bailey, governor of the Bank of England [f1a3c79e]. Truss's comments raise concerns about the state of the UK's independent economic institutions [f1a3c79e]. The Bank of England was granted operational independence in 1997, while the OBR was established in 2010 [f1a3c79e]. Truss's remarks may be seen as an attempt to deflect blame and promote her new memoir, 'Ten Years to Save the West' [f1a3c79e]. The judgments of the OBR and the Bank of England will face intense scrutiny in the coming year [f1a3c79e].