Liz Truss made two big moves on Friday in a bid to calm the markets and save her premiership. The first was to announce that she was ditching plans to cancel the scheduled corporation tax rise. The second was that she had sacked her chancellor and long standing ally Kwasi Kwarteng – bringing Jeremy Hunt in as his successor. There have been lots of problems when it comes to the fallout from the not-so-mini Budget but the thing that really focussed minds in No. 10 was a preview of the OBR forecast last Friday which pointed to a financial blackhole as a result of unfunded tax cuts and the energy package. It was viewed as so bad that something needed to change when it came to the government’s plans.
That change appears to now mean an entirely new economic outlook. Hunt embarked on a media round this morning setting out his plan for the British economy now he is in No.
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