Sajid Javid has declared that supporting Liz Truss in the Conservative leadership contest - the one that made her prime minister for a record-setting 49 days - was his “biggest mistake in politics.” Speaking at the Hay festival in Wales while promoting his memoir, the former chancellor and ex-MP made the admission during a chat with broadcaster Aasmah Mir.

When Mir asked if Javid still speaks to Truss, he replied: “No. I said ‘friends’.” Pressed on whether he had backed her in the first leadership election, Javid deadpanned: “Biggest mistake in politics.” After Boris Johnson’s resignation in 2022, Javid had launched his own campaign before throwing his support behind Truss once eliminated. Her premiership lasted 49 days in 2022, ending after her government’s disastrous mini-budget.

Javid, who stood down as an MP at the 2024 election, was also asked about the exodus of Tory MPs to Reform UK. His verdict: “Good riddance.” He argued the quality of Britain’s political class has “declined dramatically” in recent years, though he added: “It would be unfair … to blame that just on the politicians. The politicians reflect what you vote for.”

Now a partner at investment firm Centricus - a private equity and asset manager in Mayfair founded by his former Deutsche Bank colleagues - Javid made the case for increasing MPs’ pay. “We don’t pay politicians enough to attract people from the top of their game,” he said. His solution: “We should half the number of MPs and double their salaries.” Javid also chairs the Holocaust Memorial Day Trust.