‘It will take a Labour government for the Tories to realise Liz Truss was right all along’

Prominent hedge fund tycoon Crispin Odey has said that “we probably need a Labour” government to force the Conservative party to rally behind the low-tax economic agenda advocated by Liz Truss.

Reacting to the former prime minister breaking her silence on her 49 days in Downing Street, the City investment manager conceded that last autumn “wasn’t the right moment” to thrust Trussonomics onto the British economy.

Mr Odey had been a prominent supporter of Ms Truss’s plans, but said in hindsight that announcing when “everyone is very poor” had proven a mistake.

However, he criticised Rishi Sunak’s policies that have taken the UK’s tax burden to the highest level in 70 years.

“This Conservative Party looks like Ted Heath’s Conservative Party,” he said. “It has stolen the policies of Labour the whole way along.

“It has stolen the policies of Labour the whole way along… The trouble is that we probably need a bit of Labour.”

He added: “Strangely, Liz Truss isn’t a million miles away from where they [the Conservative Party] should be. This will be the agenda for the Tories when they’re trying to get back in.”

Ms Truss wrote a 4,000 essay for The Telegraph to defend her time as the shortest-serving prime minister in UK history.

Although not “blameless”, she said that her government became “a useful scapegoat for problems that had been brewing over a number of months”.

Ms Truss claimed that she had been brought down by “the left-wing economic establishment”.

Hotelier Sir Rocco Forte also said that “Liz Truss was absolutely right to take on the economic orthodoxy”. He said that if Ms Truss did make a mistake, it was to announce tax cuts without calculations to back them up.

He said: “Cutting taxes is not about making the wealthy wealthier. This is about people that are on £50,000-a-year that have been left struggling to make end’s meet because of the tax burden placed on them.

“It also fundamentally misses the point that the wealthiest people will just leave the country if the UK makes it more expensive to stay here. People are worried about the removal of non-dom status and simply move overseas. With them will go their offices and the jobs that they support by choosing to live here.”

Jeremy Hosking, the financier behind Marathon Asset Management and Hosking Partners added: “The Truss/Kwarteng reforms were a well considered and justifiable approach to reinvigorating Britain’s growth prospects, that had a lot of contemporaneous support.

“The Conservatives entirely mis-diagnose the source of opposition to ‘dry’ economic policies.

“The establishment elite or Blob that controls Britain has been captured by leftist progressive ideologies riddled with political correctness.

“Before any sensible economic policies can be adopted a culture war needs to be fought in educational establishments and other infiltrated institutions, including the civil service. The Conservatives dearly want to avoid this at all costs, but this obstacle is no longer ‘swervable’.”

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