Doomed by a “shared faith”?
Liz Truss’s leadership pitch “promised radicalism, but up to a point”, says Fraser Nelson in The Daily Telegraph. Almost no one expected the “sheer size” of the £45bn in tax cuts Kwasi Kwarteng announced last week. The timing was terrible: trying to “rip up failed orthodoxies” and “purge complacent mandarins” is all very well, but doing it at the same time as asking markets to lend you an extra £70bn? That is, “shall we say, brave”. The world is midway through an “agonising” transition away from the easy-money era. “Mortgage rates have been surging from Auckland to Arizona.” Truss should have waited until this took hold in Britain before announcing her financial plans. “Now,” says one minister, “she has pinned a Tory rosette to mortgage rises.”