Up next in 10
Former Prime Minister Liz Truss joins Nick Ferrari to discuss everything from her mini-Budget to calls for a burqa ban.
Listen to the full show on the all-new LBC App: https://app.af.lbc.co.uk/btnc/thenewlbcapp
#nickferrari #liztruss #primeminister #uknews #news #ukpolitics #politics #minibudget #conservative #labour #LBC
LBC is the home of live debate around news and current affairs in the UK.
Join in the conversation and listen at https://www.lbc.co.uk/
Sign up to LBC's weekly newsletter here: https://l-bc.co/signup
Show More Show Less View Video Transcript
0:00
20 minutes after eight, plenty of reaction coming in on our conversation about benefits and we will get to that
0:04
But I want to first, well, get a reaction from someone who's sitting across the studio from me
0:08
who is a former Conservative politician, indeed former Conservative Prime Minister Liz Truss, who's joined me in the studio
0:14
Liz Truss, we're going to talk about your role as regards something, a European media monitoring service involving AI
0:20
And we will get on to that because I want to hear about that. But what Kimmy Badenock is proposing, many people are saying it's harsh and it's draconian
0:26
Where are you on it? Is it workable? I agree with it, but I don't think it's enough. I think our benefit system is a disaster zone
0:36
We're paying huge amounts of benefits to migrants. Huge problem. Thanks to Keir Starmer, the ECHR
0:43
Thanks to the Boris Wave as well, isn't it? Well, and that. But it was the Labour Party and it was Labour lawyers that made the case that migrants should be eligible for benefits
0:57
That's a huge problem. We've got a problem, frankly, with the universal credit system and too many people being under the auspices of the welfare state
1:07
So I'm in favour of any changes that crack down on the benefits culture in this country
1:12
but it's going to have to be huge. If you remember, Nick, when I was Prime Minister
1:16
I tried to persuade Conservative MPs only to increase benefits by wages and not prices
1:23
And they rebelled. They said that was too much. So you've got a huge problem
1:28
which is MPs in Parliament face all of this lobbying from NGOs like the professor you just had on
1:36
It's incredibly difficult to do this, but we have to do it as a country
1:39
because we're becoming a welfare state. with a country attached. So if cutting them by 30% in certain cases isn't enough
1:47
how much further would you cut the universal people? What I'm saying is that you should actually remove eligibility for groups of people. So I would remove it for migrants
1:55
I'd remove it for foreign nationals. I think that it shouldn't go so far up the wage scale
2:02
You know, people can, and I think more than 50% of people are entitled to some kind of benefit
2:08
I mean, that is ludicrous. It should be a safety net if you're in real trouble
2:13
not, as Kemi was saying, a lifestyle choice. So I'm just saying it's, you know
2:18
this is such a massive national problem. Well, a massive international problem is AI
2:23
And you've taken up a post with the Roundtable Board of Directors leading a European press coalition that is looking at aspects of AI
2:29
Explain a bit more, if you would, Liz, trust. Well, what it is about is about restoring integrity to journalism
2:36
and also making sure that journalists who produce good content get paid for it
2:42
rather than being ripped off by AI. Because that's what's happening. You know, you produce brilliant material, Nick
2:48
And then there's some AI agent over there ripping you off. So what we want to do is create a consortium of high-quality media
2:59
that is essentially going to be protected by blockchain. So blockchain is a brilliant way of making sure
3:09
the money the consumer is paying or the money the advertiser is paying
3:13
is going direct to the journalist or the publisher and not being ripped off, which is what's going on
3:19
I mean, this is going on with social media companies. It's going on with AI
3:24
You must face this every day. We do. How likely is AI going to kill us all within 10 years I don believe that for a minute How is it to be controlled Where are the guard rails The issue is like any new technology enemy agents can get hold of that technology and use it
3:42
That's the problem. The problem is our adversaries, the Chinese, the Russians, the Iranians
3:48
will be using this technology to disrupt us. So we need to make sure that our side, you know, the Brits, the Americans
3:56
are leading the world in AI. And if we self-limit, what's going to happen
4:02
Our adversaries, just as they tried to do during the space race or during the nuclear arms race, will try and outgun us
4:10
Let's talk a little bit about the economy. There's a budget almost on the horizon, certainly about a month or so away
4:16
Obviously, we have to wait and see what Mr Healy has planned. I think we know what he's got planned already
4:22
I don't think we need to weigh. He's going to raise taxes again. So what we've seen over the last few years is every single budget, taxes get raised
4:30
And then a few weeks later, a few months later, oh, borrowing's gone up more than expected
4:35
We're not getting the tax revenues in we expected. And everything's getting worse
4:40
So we are in a doom loop of higher taxes, millionaires leaving the country, businesses closing down
4:47
We heard yesterday that the self-employed are generating less taxes. Why is that? They've given up
4:54
Many of my listeners think it's a bit rich you, criticising other people's budgets
4:59
when we recall the one that, I know it wasn't your budget, but it was done under your watch
5:02
Well, it was my budget, and I was proud of what was in it. But it tanked the economy, let's trust
5:07
No, it didn't. It didn't, Nick Ferrari. The day before the mini-budget
5:12
the Bank of England, that had been printing money for ten years
5:16
announced quantitative tightening. What does that mean? They were selling off government bonds
5:21
They were deliberately making government debt more expensive. Now, look at what they did last week under this Labour government
5:29
The guilt rates were higher under Andy Burnham than they were under me
5:34
All the panic that was created in 2022 was on the basis of guilt rates that were lower
5:39
than what the Labour Party has generated now. But what happened last week
5:44
The Bank of England said, oh, we're going to stop quantitative tightening. We're going to stop selling off these bonds
5:50
And surprise, surprise, the guilt weight went down. See, what you have is you have a Bank of England
5:57
that has a particular worldview. They believe in higher taxes. They believe in government spending
6:03
They've been printing money to back it. And they did not like my policies
6:08
And they do like this Labour government. And when I say it, say it's, the Bank of England was set up by Tony Blair
6:17
It's allegedly independent. But you saw... The Bank of England was set up by Tony Blair, did you say? Yes
6:23
The independent... The independence, yes. Well, I mean, the Bank of England, as we know it now..
6:28
This independence is granted by... As we know it now, or as I call unaccountability and unsackability of the Bank of England governor..
6:34
So was there a conspiracy against you as Prime Minister by the Bank of England? I believe that they were ideologically against what I was trying to do
6:43
And they did not coordinate with what we were doing on our budget
6:50
They announced a massive change in policy that we didn't know about the day before the budget
6:57
And we've seen them behaving completely the opposite way with this Labour Party
7:01
When the Labour Party were in trouble last week around guilt rates the Bank of England bailed them out or bailied them out as I call it That what happened
7:12
And this is something that I think the LBC should be featuring on the headlines of your show
7:19
Well, I can only make the decisions as regards to these three hours. So if you had your time over, what would you do differently
7:23
Well, what needs to happen, because I didn't have time, is primary legislation needs to be passed
7:29
you need to get rid of the Blairite institutions you need to change the Bank of England and make
7:36
it accountable again you need to get rid of things like the Human Rights Act so you can
7:41
deport illegal immigrants you need to get rid of the additional powers that Blair gave the
7:47
bureaucracy and this is why every single prime minister since me Nick has been struggling with
7:53
all the same issues, illegal migration, higher taxes, a bloated state, because they do not
8:01
currently have the power they need to change things. Now, admittedly, Andy Burnham is completely
8:07
on the same page as these bureaucrats. But when you're a Conservative Prime Minister
8:13
you are facing a bunch of bureaucrats and judges that don't support what you're trying to do
8:19
And that makes life very hard. Last couple of minutes together, the other big story
8:23
if we move away from economics, and I sense we could trade data or figures all day long, what is to be done about the borders
8:27
We're told our borders are secure, and yet we've had two undetected dinghies
8:31
arrive within the last 48 hours down on the Kent coast. We all know that's not true
8:35
We all know what's happening in towns and cities across England and Scotland with illegal migration
8:42
We've seen the appalling case of Piddington has really highlighted what's happened
8:46
So what's the solution? One has to say, under your watch, it was one of the highest numbers ever
8:50
The root cause... 45,729. Well, I didn't have long enough to turn it around
8:55
I was only given 49 days, Nick. You were, yes. But the fundamental issue here is the Human Rights Act
9:01
Until you get rid of the Human Rights Act, lefty lawyers such as Keir Stummer
9:06
will use that as a way of keeping people in the country. You also need to get power back over the Home Office
9:13
I'm afraid the Home Office is not doing what it needs to do on border security
9:18
so that means repealing the constitutional reform and governance act what blair did and i talked
9:25
about the bank of england earlier is he created this web of laws that pretty much makes it
9:32
impossible to deal with this problem and any government that wants to change it will have
9:37
to repeal those laws we're in that's at the heart of it we're in conference season how much do you
9:42
miss it uh not very much to be honest why well it's uh
9:50
there are elements of fun to it as you know as you know nick but when you're a when you're a
9:57
senior government minister you are you know you're being you're being tracked by the media you're
10:03
being hounded uh by the um the lefties outside the conference so you're also being outside the
10:10
conference. Oh, you mean the demonstrators? Those people. Those are general, you know
10:16
conferences can be fun, but when you are a senior figure, you know, it's
10:22
difficult to really participate, so I don't miss it very much. Would you ever return to politics
10:28
Would you stand as a Reform MP at the next election? The thing about
10:32
politics, and what I'm what I said in my book Ten Years to Save the West is that at present politicians are not in charge of what is happening in our country And I would only be willing to go back to politics if I knew I could actually change things rather being subject to the whims of the Bank of England
10:53
Well, reform is all about change. Or the whims. That they say. Would you stand for with reform
10:58
I've looked at what reform is saying. I've looked at what the Conservatives are saying
11:02
and I don't think either party have really gone deep enough in terms of changing the way we're governed
11:09
So it's Restore. So nobody, well, who is looking at the Bank of England Act 1998
11:15
You know, it's one of the most powerful institutions in our country. So you could see yourself standing with Restore
11:19
I'm not committing to anything. What I'm saying is until we change the way our country is governed
11:26
you and I are going to be in this studio every year talking about the welfare bill
11:31
You probably will. We are talking about the welfare bill going up, talking about the illegal migrants, and nothing will change
11:37
I mean, I ask about reform. We could have been having this discussion, Nick, 10 years ago
11:42
Yes, I hear you. We could have been having this discussion 20 years ago. Nothing has changed
11:46
The country continues on its path of managed decline. Is it because all politicians are incredibly stupid
11:53
Well, maybe. But is there a problem with the way the British system works
11:58
Yes, there is. Finally, I ask about reform because you gained a few headlines
12:03
when Giorgio Maloney in Italy said there would be a burqa ban in schools
12:07
plus a limit of the number of foreign students per class to which you posted with just, we need this in Britain
12:12
You want to ban the burqa? Yes, yes. Why are you frightened of a piece of cloth
12:17
It's what it symbolises. What does it symbolise? It's what it symbolises. It's an ideological takeover of our country
12:24
It is designed to intimidate people. Isn't it a woman protecting her modesty
12:29
It is an ideological takeover. It is not the way of life in our country
12:36
What we have is we have a very serious problem with Islamism in this country
12:40
We have a serious problem with radical Islam. We know, and there are preachers who are saying this, they want Britain to become a caliphate
12:50
And these, you know, whether it's aggressive public prayer, whether it's wearing the barqa
12:57
What's aggressive public prayer? Well, there's a recent case, I think, in Trafalgar Square of people taking over public spaces
13:08
They were just praying. Yeah, well, you know. How do you pray aggressively
13:12
You do it in a way that blocks other people going about their business
13:18
And this is, we all know what's happening, Nick. I'm sure people listening to this show know perfectly well what the intention of this is
13:26
and I am all for people being able to privately follow the religion that they believe in
13:34
But this is a deliberate campaign. This is a deliberate campaign by Islamists
13:42
It's partly the security issue and I agree on that. But it's more an attempt at cultural domination that I really fear
13:53
and we've seen the way that towns and cities across Britain have changed
13:57
and I think people are waking up. I'm waking up to the fact this is a problem
14:02
I wouldn't have been saying this 10 years ago, Nick. I didn't realise how serious it was, but it is now very serious
14:09
We're going to miss you on the conference season, but thank you for coming by the studio. I appreciate it
news