Trussenomics: Longworth warns of 'unholy alliance' against Truss
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John Longworth the former director-general of the British Chambers of Commerce has lifted the lid on the array of vested interests determined to block Liz Truss in her mission to reboot Britain’s stagnant economy. Mr Longworth sat down with Express.co.uk on the fringes of the Conservative Conference this week to discuss the “unholy alliance” of Europhiles and wealthy asset owners who he argues are wedded to an anti-growth project which is holding back Britain’s economic potential.
Mr Longworth told Express.co.uk: “You have got this unholy alliance of interests across the political spectrum across Whitehall, in the international institutions and community who are actually against Trussamonics working.
“Then you’ve got people who are free traders, who believe in enterprise who believe in creative destruction who actually believe that’s where our wealth and influence came from.
“Not from Empire, but actually from the fact that Britain was a great innovator and trading nation and enterprise country.
“That’s where our wealth and influence came from and that’s where it will come from again, but that’s what Trussanomics is all about.”
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The former Brexit Party MEP explained the makeup of the anti-Trussamonics block as being made up of people “wedded” to austerity, rejoiners and asset holders.
He told Express.co.uk: “There are a number of groups that are determined to make sure that Truss doesn’t succeed for a variety of reasons.
“There’s a group of people who actually don’t believe that Trussanomics will work they are simply wedded to the whole idea that you have to have austerity in order to spend any money. You have to cut public services to do it, that actually, growth won’t be sufficient to cover the costs that we won’t be able to pay down the debt.
“I mean, they’re completely wrong, of course, when we have the lowest debt to GDP ratio, or the second lowest in the G7, one of the lowest in Europe.
“So there’s that group who just simply don’t believe it will work, there’s then another group who actually have a vested interest in it not working because if it does work, it will undermine the credibility and positions of power.”
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Mr Longworth continued: “So, the European Union, the International Monetary Fund, all these external bodies, and also rejoiners within the Labour and Conservative Party and of course the Lib Dems, anyway, don’t want it to work,
“Because if an independent Britain that has Brexitedfrom the European Union is successful and more successful than the EU, it will actually demonstrate that they were wrong.
“Furthermore, it will also challenge the orthodoxy of the EU, because people within the EU I’d start to look at Britain and think well hang on a minute, this country left and it’s actually doing really well so is the EU really a good thing?
“So there’s that group of people and then there’s another group who actually made quite a lot of money out of austerity over the years.
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“One of the symptoms of austerity being quantitative easing has inflated asset values enormously, and asset holders have become richer at the expense one might argue of the rest of the people.
“Therefore the disparity between the rich asset owners and the rest has become bigger.
“So they quite like austerity, they don’t like inflation because it undermines their wealth.
“They like QE because it inflates asset values, they are people who actually have a vested interest in the orthodoxy of the Treasury in the past and the way in which we’ve operated for decades now.”
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