Trussonomics

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No government has sabotaged its economic reputation as quickly as this one. The Bank has had to step in three times since the chancellor’s mini-budget to stop a big sell-off in UK debt caused by the government announcing a fiscal package that borrows, according to the Institute for Fiscal Studies, £370bn over the next two years for little obvious economic gain. The mayhem was entirely predictable.

The Guardian view on Trussonomics: bringing on social and financial devastation | Editorial | The Guardian

Prime minister Liz Truss today confirmed for the first time that her tax cuts will require reductions in public spending plans – estimated by one leading economic thinktank at up to £40bn. The PM’s U-turn on corporation tax means she has backtracked on 45 per cent of the £45bn package of unfunded tax cuts announced by ex-chancellor Kwasi Kwarteng on 23 September, but 55 per cent – around £25bn - remains to be funded.

Spending cuts of up to £40bn expected after Liz Truss announcement

Conservative support has slumped below 20 per cent in the worst poll yet to hit beleaguered Liz Truss, giving Keir Starmer’s Labour a remarkable 34-point lead. The survey also found that just 9 per cent of voters – fewer than one in 10 – have a favourable view of the prime minister, against 65 per cent – almost two-thirds – who regard her unfavourably. Her personal ratings recorded in the poll were lower than reached by either Boris Johnson or Jeremy Corbyn at the depths of their periods of unpopularity.

Liz Truss’s Tories slump below 20% in bombshell poll