BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • Explainers
      • Liz Truss' Tenure Is In Trouble....
      Explainers

      Liz Truss' Tenure Is In Trouble. What Led To The Crisis?

      Truss and Kwasi Kwarteng reportedly refused to enlist the support of the Office for Budget Responsibility to provide greater reassurance to the markets.

      By - The Conversation |
      Published -  17 Oct 2022 7:10 PM IST
    • Boomlive
      Listen to this Article
      Liz Truss Tenure Is In Trouble. What Led To The Crisis?

      Leaders are watched. They are scrutinised. If you don't like the idea of being held accountable and having to answer for your actions then a leadership role is probably not for you.

      I don't know if such thoughts have ever occurred to Liz Truss, who is still, at the time of writing, Britain's prime minister. But perhaps the truth is beginning to dawn on her. She has picked the wrong time and place to discover that leadership may not be quite her thing.

      Also Read:Congress Votes For Its First Non-Gandhi Chief In 20 Years: All You Need To Know

      As you rise up an organisation there will be greater rewards to accompany greater responsibility. The so-called "tournament theory" of organisational life explains this process quite well.

      But with those rewards and responsibilities comes greater exposure to criticism and scepticism. As the crude saying has it: "The higher a monkey climbs, the more you can see its arse." The sort of mistakes Truss was able to get away with or laugh off as a more junior figure cannot be so easily dismissed now she is, for the time being, prime minister.

      Truss has rapidly become a case study in leadership failure. What have been her most glaring mistakes?

      She has been over-confident in her ability, presuming rather glibly that soundbites and repeated statements are an adequate way of delivering leadership. She has placed too much weight on the simplistic free-market ideology which inspires her but does not convince others. Excited thinktank theory has crashed into complicated and less predictable reality.

      Also Read:8 Injured After Fire At Iran's Evin Prison: All You Need To Know

      She has fallen for the mythology surrounding Margaret Thatcher's time in office, believing in the surface story of her resolute approach and failing to recognise the more subtle truth about how adaptable and flexible she could be.

      Above all, Truss has failed to "confront the brutal facts" of her situation – a task considered crucial for good leadership.

      She and her (former) chancellor were warned that unfunded tax cuts on such a large scale would cause profound nervousness in the financial markets. She rejected advice, dismissing the top civil servant at the Treasury, Tom Scholar, who had plenty of experience and wise counsel to offer.

      Also Read:Fresh Kamikaze Drone Attacks In Kyiv, 18 Rescued: All You Need To Know

      She and Kwasi Kwarteng refused to enlist the support of the Office for Budget Responsibility – a body introduced by her own Conservative party – to provide greater reassurance to the markets. In a headstrong and frankly rather childish manner, she presumed she could reject the advice of experts and face down the massed forces of international capital. She was wrong.

      Scapegoating is poor strategy

      To sack Kwarteng as chancellor (even though she co-authored and advocated his policies) may be business as usual as far as politics is concerned. But it is not the act of a leader who should expect to be trusted or respected. There was a sense, during her limp and inadequate press conference that followed the firing, that perhaps Truss herself was beginning to recognise that she was falling badly short of what is needed in her role.

      It will be for psychologists or close friends, rather than students of leadership like myself, to explain why Truss has had so much difficulty grasping the reality of the situation which confronted her. She has now, perhaps, finally started to see how much more difficult it all was than she imagined. But it is far, far too late.

      Also Read:Congress Votes For Its First Non-Gandhi Chief In 20 Years: All You Need To Know

      Leadership should not be an ego trip or seen as some sort of game. It is not a playground for ideological experiment. It is about making a contribution, and leaving your organisation better placed to face the future. Leadership, finally, is not about you, it is about everybody else. I fear Liz Truss did not understand very much of this at all, and it will now cost her both her job and her political career.

      Author: Stefan Stern, Visiting Professor of Management Practice, Bayes Business School, City, University of London

      This article was republished from The Conversation under a Creative Commons License. Read the original article.


      Tags

      Liz TrussUKConservative Party
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!