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In the autumn of 2022, Liz Truss bet her premiership on a so-called mini-budget that ripped up decades of economic orthodoxy. It did not pay off.
I spoke to those involved about the thinking behind the biggest risks she took during her seven weeks as prime minister – and why they did not succeed.
1. Not heeding warnings of ‘fantasy economics’
At the start of Liz Truss’s leadership campaign, when I interviewed her on Radio 4’s Today programme, I put it to her that she was gambling with the British economy by preparing to borrow as much as Jeremy Corbyn, whose policies she had condemned.
She replied that the real gamble was to carry on as we were; condemned the economic ideas of the past 30 years pursued by both Conservative and Labour governments, which she called the “Treasury orthodoxy”; and told me she was prepared to “bulldoze” opposition to her plans.
During the campaign, her rival, the former Chancellor Rishi…
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