Liz Truss Positions Herself for Possible Political Return at UK CPAC

After serving just 49 days as prime minister in 2022, Liz Truss was forced to resign when her £45 billion unfunded tax-cut mini-Budget sent the pound and gilt yields soaring. She lost her South West Norfolk seat in the 2024 general-election landslide. In October 2024 she chaired the inaugural UK Conservative Political Action Conference (CPAC) in London, the first CPAC event held in Britain, sharing the stage with figures such as Donald Trump, JD Vance and Elon Musk. The conference was billed as a gathering for “liberty and sovereignty movements” to meet and build a broader right-wing coalition.

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Truss repeatedly rejected responsibility for her downfall, blaming the “economic establishment” – the Bank of England, the Treasury and the Office for Budget Responsibility (OBR) – rather than the bond markets. She argued that the current system, not any single prime minister, is dysfunctional and needs “system change.” While she declined to rule out a future parliamentary comeback, she emphasized that her focus is on ideas rather than party affiliation, suggesting a movement that transcends the Conservative Party.

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Economists and commentators continue to view Truss as “politically toxic,” noting that her mini-Budget’s unfunded cuts raised borrowing costs and mortgage payments for millions. Sources within Reform UK have indicated she would not be welcomed in that party, echoing similar treatment of former home secretary Suella Braverman. Reform has also ruled out scrapping the OBR, citing market confidence. Critics argue her advice to current prime minister-designate Andy Burnham – to dismantle the OBR and tamper with the Bank – would risk repeating the 2022 crisis.

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• “I don’t rule out anything.” — Liz Truss, CPAC speaker

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• “I don’t think it was the bond markets. It was the economic establishment, the Treasury and the Bank of England.” — Liz Truss, interview

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• “Correct. Because at the moment, and I think successive prime ministers have discovered this, they do not have the power.” — Liz Truss, response to questions on Burnham’s team

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• “No. He made his own bed.” — Liz Truss, on outgoing Prime Minister Keir Starmer

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• “What I felt was needed in Britain is a place where the liberty and sovereignty movements can meet.” — Liz Truss, CPAC opening remarks

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