Does the ‘anti-growth coalition’ run the Treasury?

‘Permanent revolution’ is the on dit in Whitehall these days – and what it means is that the Truss administration U-turns so often the whole machinery of government is constantly spinning round on its axis.

The latest volte-face is the decision to appoint James Bowler, a 20-year establishment veteran, as Permanent Secretary to the Treasury. The Chancellor, Kwasi Kwarteng, declared himself ‘delighted to welcome James back to the Treasury,’ which is causing a few chuckles in SW1.

It’s well-known that Kwarteng’s plan was to shake up the Treasury. Bowler represents precisely the sort of orthodox officialdom he has for years wanted to remove.

But Kwarteng had to swallow his pride and roll back – as he did on scrapping the 45p tax rate.

‘Kwasi has been totally cucked,’ says one mandarin. ‘What’s happened to growth, growth, growth? It’s all orthodoxy, orthodoxy, orthodoxy, suddenly.