As the UK’s shortest-serving prime minister, Liz Truss had much to say about her 45-day term in office during the World Governments Summit – including the economic lessons Britain could learn from the UAE.
Ms Truss said the mass departure of millionaires, entrepreneurs and business figures from the UK was likely to continue unless the country turned around its economic fortunes.
She suggested nuclear energy, artificial intelligence and cryptocurrencies were underinvested areas in the UK. She also called for the country to emulate steps taken by the UAE.
“I'm a supporter of low tax zone and free ports have been very successful here in the UAE,” she said. “Those are the types of bold policies to create a new business environment in Britain."
Ms Truss criticised Britain for failing to make the most of its oil and gas reserves. “We've got the highest energy prices in the developed world and that is just not an economically sustainable strategy for Britain," she added.
While hinting at a switch to a new political direction, she blamed high energy prices and climbing interest rates for her rapid political downfall in 2022.
“I think we have a serious problem in Britain,” said Ms Truss, who recently backed Nigel Farage, leader of the Reform UK party as the country's next prime minister. “You can look at all the evidence about what's caused Britain's stagnation – high taxes, high regulations and some of the highest energy prices in the world.
“But economic institutions have failed the country for the last 30 years and we've had economic stagnation. We've had quantitative easing, which led to a huge rise in asset prices that pushed young people out of the housing market.
“The economic establishment does not want to acknowledge their failures, so they like to point the finger at me.”
Her brief time in office resulted in significant economic turmoil. After the announcement of plans for a £45 billion ($61.5 billion) round of unfunded tax cuts, investors panicked, causing market chaos as the pound plunged in value.
It prompted an emergency intervention by the Bank of England and brought about her downfall. As a former Conservative MP, Ms Truss has stepped away from front-line politics to focus on public speaking and podcasting.
She has regularly taken aim at China, claiming it is responsible for the decline of the UK’s once buoyant steel and car manufacturing industries. But she voiced hope for the future for Britain.
“I'm optimistic about Britain," she said. "I think we are now getting to the point where people are having a real discussion about why things have gone wrong, why the country's stagnated, what we need to do to fix it.”
