Liz Truss has been completely dismantled on social media after she accused the government of a “huge economic failure.”
In a post on X, Truss highlighted that gilt rates were higher than in October 2022, when her infamous mini-budget managed to torpedo the British economy.
She wrote: “Gilt rates are higher than they were in October 2022. Yet there is no media outcry or negative commentary from the @bankofengland. Britain’s institutions are complicit in this huge economic failure.”
READ NEXT: Kemi Badenoch says she didn’t know Liz Truss was ‘still in the Conservative Party’
But it wasn’t long before the logic behind her argument was absolutely dismantled by a Labour councillor with “an explainer that a child could understand.”
Sebastian Salek replied on X: “Yields hitting Truss levels does NOT mean the economy is crashing. Anyone who says this doesn’t understand economics. I covered this stuff for years at Bloomberg. Quick explainer that a child could understand.
In a thread, Salek explained that multiple things can affect bond prices and that UK bond yields weren’t dramatically off US bond yields.
When looking at the ‘spread’ between UK and US bond yields, the gap is nowhere near the level it was after Truss’s mini budget and things have actually “been relatively calm this year.”
He urged people to not be “drawn in by people who don’t understand basic financial concepts.”
Liz Truss not understanding basic economics? Well I never…