KEY QUOTES FROM MS TRUSS’ ARTICLE IN THE SUNDAY TELEGRAPH

On becoming prime minister: “Instinctively, I was determined to act with maximum speed. I knew this risked mistakes being made, but the normal pace of the Whitehall machine would be nowhere near sufficient to tackle the immediate emergencies we were facing, let alone to attempt to get the British economy on to a path to growth with barely two years left until the next election.”

On the financial markets: “Dramatic movements in the bond market had already begun, meaning the minibudget faced a very difficult environment. Only now can I appreciate what a delicate tinderbox we were dealing with in respect of the LDIs (liabilitydriven investments).”

On the response to Kwasi Kwarteng’s mini-budget: “While the Government was focused on investigating what had happened and taking action to remedy the situation, political and media commentators cast an immediate verdict blaming the mini-budget. Regrettably, the Government became a useful scapegoat for problems that had been brewing over a number of months.”

On the political climate: “We were also pushing water uphill. Large parts of the media and the wider public sphere had become unfamiliar with key arguments about tax and economic policy and over time sentiment had shifted left-wards.”

On sacking Mr Kwarteng as chancellor: “But at this point, it was clear that the policy agenda could not survive and my priority had to be avoiding a serious meltdown for the UK. I still believe that seeking to deliver the original policy prescription on which I had fought the leadership election was the right thing to do, but the forces against it were too great.”

On why her plan failed: “I am not claiming to be blameless in what happened, but fundamentally I was not given a realistic chance to enact my policies by a very powerful economic establishment, coupled with a lack of political support. I assumed upon entering Downing Street that my mandate would be respected and accepted. How wrong I was.”