Trussonomics

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Liz Truss’s hopes of long-term survival as prime minister have been dealt a massive blow by a bombshell series of polls, giving Labour leads of up to 33 points and showing support for the Tories melting away after her “kamikaze” mini-Budget of tax giveaways for the rich. The prime minister emerged from five days of silence on Thursday to deliver a defiant defence of the £45bn package, which she insisted was “the right plan” even while admitting it handed “disproportionate” cash gains to the wealthiest in society. 

But independent experts described the package unveiled by chancellor Kwasi Kwarteng last Friday as the biggest “unforced error” of modern economic history, warning it will usher in a new age of austerity, with the government needing to find almost £50bn a year in cuts to public spending to meet its own targets.

Bombshell polls throw massive question mark over Liz Truss’s future as PM

In its first weeks the new government has shredded its own reputation, unleashed higher inflation, forced emergency action from the central bank, and made growth harder. Just imagine what it can do in a month or two.

How not to run a country