• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
FinanceU.K.
Europe

Liz Truss will be so bad for the U.K., a former central bank official says, that it’s time to bring back George Soros’ classic and ‘short the pound’

By
Reed Landberg
Reed Landberg
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Reed Landberg
Reed Landberg
and
Bloomberg
Bloomberg
Down Arrow Button Icon
September 21, 2022, 8:04 AM ET
British Prime Minister Liz Truss arrives at Westminster Abbey in London on Sept. 19, 2022, for the State Funeral Service for Britain's Queen Elizabeth II.
British Prime Minister Liz Truss arrives at Westminster Abbey in London on Sept. 19, 2022, for the State Funeral Service for Britain's Queen Elizabeth II.OLI SCARFF—AFP/Getty Images

Former Bank of England policy maker Danny Blanchflower weighed in with criticism of U.K. Prime Minister Liz Truss’s economic plan, concluding that investors should “short the pound.”

The Dartmouth College economics professor who served at the U.K. central bank from 2006 to 2009 has long been critical of government plans that he says don’t go far enough to help people on low incomes.

Following interviews Truss gave in New York about a mini-budget the government is planning to deliver this week, Blanchflower posted on Twitter that he thinks the prime minister’s policy is in disarray.

Done many interviews & written several columns on @trussliz and her disastrous economic policies so far I have said they are in ‘total disarray’ but seems inadequate as pronouncements get worse daily I have never in my fifty years of doing economics seen anything as bad as this

— Professor Danny Blanchflower economist & fisherman (@D_Blanchflower) September 20, 2022

He also expanded on concerns he’s voiced about the outlook for the UK economy, which the BOE expects to tip into recession later this year. In another tweet, he suggested shorting the UK currency, a trading technique where investors can benefit from the decline of a security.

Short the pound

— Professor Danny Blanchflower economist & fisherman (@D_Blanchflower) September 21, 2022

The pound has already taken a hit from concerns about growth, and on Wednesday tumbled to around $1.13, a level not seen since 1985. The currency has sunk 16% so far this year against a broadly stronger US dollar, and some strategists have flagged the risk of a fall toward parity as the UK faces a more painful recession than other developed countries.

Investors are worried that Truss’s plans mean the government will borrow heavily to fund its economic reboot effort, which could add pressure to the country’s public finances. The shortfall in the UK’s current account has already surged to the most in Bloomberg data going back to 1997.

That raises questions about whether the UK can continue to rely on the “kindness of strangers,” a concern held by former BOE Governor Mark Carney about the country’s dependence on foreign investment to fund its deficit.

Truss has signaled she plans to cut taxes and do unpopular things to stimulate the economy, setting aside concerns that most benefits from her program will go to those who are already well off. Chancellor of the Exchequer Kwasi Kwarteng is due to set out the government’s new fiscal plans on Friday.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Authors
By Reed Landberg
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
Fortune Secondary Logo
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Macron
LawTariffs and trade
World shakes its weary head at more Trump tariff chaos as he ‘says a lot of things, and many of them aren’t true’
By Kim Tong-Hyung, Megan Janetsky and The Associated PressFebruary 21, 2026
3 hours ago
Real Estatefarming
Farmer turns down $15.7 million offer from data center developers: ‘It breaks my heart … the rest of every square inch is going to get built on’
By Jason MaFebruary 21, 2026
3 hours ago
trump
PoliticsTariffs and trade
Trump’s tariff fury continues as he moans about ‘ridiculous, poorly written, and extraordinarily anti-American decision’
By Michelle L. Price and The Associated PressFebruary 21, 2026
3 hours ago
PoliticsTariffs and trade
Trump’s plan B to impose new tariffs is also illegal because a balance-of-payments deficit doesn’t exist, trade experts say
By Jason MaFebruary 21, 2026
5 hours ago
EconomyTariffs and trade
Trump boosts new tariff rate to 15% a day after announcing 10%
By Wendy Benjaminson, Maria Paula Mijares Torres and BloombergFebruary 21, 2026
6 hours ago
PoliticsICE
At least 20 communities with large warehouses are stealth targets for massive ICE detention centers. ‘There was absolutely no warning’
By Heather Hollingsworth, Morgan Lee and The Associated PressFebruary 21, 2026
6 hours ago

Most Popular

placeholder alt text
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergFebruary 21, 2026
12 hours ago
placeholder alt text
Economy
Fed confirms it obeyed U.S. Treasury request for an unusual ‘rate check,’ weakening the dollar against foreign currencies
By Jim EdwardsFebruary 19, 2026
2 days ago
placeholder alt text
Big Tech
Peter Thiel and other tech billionaires are publicly shielding their children from the products that made them rich
By Marco Quiroz-GutierrezFebruary 21, 2026
11 hours ago
placeholder alt text
AI
‘I’m deeply uncomfortable’: Anthropic CEO warns that a cadre of AI leaders, including himself, should not be in charge of the technology’s future
By Sasha RogelbergFebruary 19, 2026
2 days ago
placeholder alt text
Arts & Entertainment
Gen Zers and millennials flock to so-called analog islands 'because so little of their life feels tangible'
By Michael Liedtke and The Associated PressFebruary 20, 2026
1 day ago
placeholder alt text
AI
Sam Altman says the quiet part out loud, confirming some companies are ‘AI washing’ by blaming unrelated layoffs on the technology
By Sasha RogelbergFebruary 19, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.