I think there’s a danger in politics of being too risk-averse. I’ve fallen into that trap in the past and I'm not going to fall into it again. I'm no… - Liz Truss

However, brewing in the background there was an issue relating to pension funds, which neither of us had been made aware of – a problem that would ultimately bring my premiership to an abrupt and premature end because of the panic it induced.
At no point during any of the preparations for the mini-Budget had any concerns about liability-driven investments (LDIs) and the risk they posed to bond markets been mentioned at all to me, the chancellor or any of our teams by officials at the Treasury. But then, late on the Sunday night, came the jitters from the Asian markets as they opened. I was alerted to this on the Monday morning, at which point the Bank of England governor was wanting to make a statement on LDIs.

I knew Truss at university. She was a library-bound anorak, with no lingering smell of depravity about her small, neat form. I never saw her drag a married man into a recess at a political meeting and ravish him on a pile of electoral reform leaflets. If she is debauched then I am the devil herself. But Truss had the courage and ambition to enter British politics. I did not.

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