In 2022, the UK pension funds experienced a significant loss of £425 billion in assets, a situation exacerbated by the mini-budget introduced by Liz Truss during her 44 days in charge. The financial repercussions of this event have extended to local councils, such as Leeds, which has reportedly missed out on £2.5 billion in funding under Conservative leadership, spanning 14 years of funding cuts. The mini-budget has also led to cash-strapped local authorities across the UK taking out 50-year loans at high-interest rates. The Labour Party has criticized the Conservative Party for the economic damage caused, while some individuals have disputed the direct blame on Liz Truss, pointing to a broader decline in pension fund assets throughout the year.
“Liz Truss’ mini-budget helped knock £425bn off pension funds’ assets in 2022” Let’s start calling it what it was - “the Conservative parties disastrous mini-budget” THEY PUT HER THERE! https://t.co/SoNcO0Bujw
The Tories already plunged local authorities into a financial crisis with their 14yrs of funding cuts. Now they’re having to face the consequences of the disastrous Liz Truss budget as well. Yet some Tory MPs still think her economic ideas should make a comeback.…
Cash-strapped local authorities across the UK took out massive 50-year loans at soaring rates of interest in the aftermath of Liz Truss’s catastrophic mini-budget Another graphic illustration of the long-term cost to the public of her 49 days in office https://t.co/RiEBgbWwRI
Yep, you heard right. Liz Truss’ mini-budget helped knock £425bn off pension funds’ assets in 2022. https://t.co/z70knM3e2T
More fall out from the Tory Truss catastrophe: Disastrous Truss budget forced UK councils to take out massive 50-year loans at soaring rates https://t.co/9REq19FkSe
Never forget the damage caused to our economy by the Conservative Party. The Labour Party will never play fast and loose with the economy. “Liz Truss’ mini-budget helped knock £425bn off pension funds’ assets in 2022” 👇 https://t.co/IZ6YozpWpG
This is utter tosh... 🙄 I know it suits many people - including the regulators - to blame the LDI crisis on Liz Truss, but let's just look at this £425 billion figure. It refers to the fall in the value of DB pension fund assets over 2022 as a whole - most of which occurred… https://t.co/3EOqv8Dmo8 https://t.co/NVZw8Vy5Dy
Just 44 days in charge yet so much damage done- Truss' mini-budget helped knock £425bn off pension funds' assets https://t.co/xasx0uLc5f
Truss' mini-budget helped knock £425bn off pension funds' assets https://t.co/E1NjZYsm5Y
Just let that sink in - Liz Truss’ mini-budget helped knock £425bn off pension funds’ assets in 2022 https://t.co/mElScSp4Yw
If this was Labour, it would be front page news on right wing rags for weeks, and used to attack Labour for decades. Because it’s the Tories, it barely gets a mention. ‘Truss’s mini-budget helped to knock £425bn off pension funds assets in 2022’ https://t.co/Vqlk7EX9Ym
Essential council services are at breaking point after more than a decade of Tory austerity. In Leeds alone the council has lost out on £2.5 BILLION in total under the Tories. In Parliament, I challenged the Tories over this major attack on working class communities. https://t.co/XBMJ14Vs6q
UK pension funds lost £425bn in year of bond market crisis via @FT https://t.co/xIqBT45yoE