Shamed Liz Truss hid in the audience at the launch of her new Growth Commission today.
The former Prime Minister, who crashed the economy in her 49-day stint in No10, insisted growth was a “long game” as she introduced a new research institute to enact her vision.
But she was keen not to take centre stage at its launch, despite having "convened" the commission, instead hiding in the second row of the audience to dodge scrutiny.
Ms Truss was briefly cornered by journalists after the speech about whether the launch of the commission proves her approach was correct, to which she replied “it’s a long game”, before scurrying away.
The ex-PM was also overheard saying growth “hasn’t dramatically gone away but it’s got worse and worse”. But the economy took a sudden downhill turn in September with Ms Truss and ex-Chancellor Kwasi Kwarteng’s mini-budget, “The Growth Plan”. The £45billion package of unfunded tax reductions, the largest seen for half a century, panicked the markets and sent sterling tumbling, while also pushing up mortgage rates.
Ms Truss’s new Growth Commission, for which she holds no formal role, brings together 13 economists from around the world. Co-chairman of the commission Douglas McWilliams opened his speech to thank Ms Truss, who he said “played a blinder in getting this going”. He told a room of economists, journalists and politicians, including former Home Secretary Priti Patel, the UK had not “got its mojo back” post-Covid.
Mr McWilliams told the event that sluggish growth was not exclusive to the UK but a pervasive problem in G7 countries. But he said improving competition would be key to boosting growth and setting Britain apart, saying: "We are almost fanatically pro-competition... We feel that's the thing that will make the difference."
The other co-chairman of the commission Shanker Singham said economic modelling should be more "dynamic" - meaning it takes into account the long-term impact of issues like tax policy - so people understand the "cost" of Government decisions.
The commission has suggested "consistent" growth levels of 3% can be achieved by 2040 but has not made policy recommendations for how this figure might be reached. “I don’t want to tell you we’re looking at this policy and that's what’s going to grow the economy, because that's not what our mission is,” Mr Singham added.
“Our mission is to explain that if you promulgate regulation and if you create a system and if you decide the tax and fiscal policies and the interaction between all of these policies in a way that minimises the cost on the market and how the market actually works, you will grow the economy. Businesses and entrepreneurs will grow the economy and be free to grow the economy.”
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