It’s hard to think of any Prime Minister who has entered office surrounded by such low expectations. Liz Truss was backed by just over half of Conservative party members and secured barely an eighth of MPs in the first ballot. Her critics dismiss her as a lightweight, wholly unsuited to tackling the problems now facing the country. The presumption is not just for trouble, but calamity: the fastest drop in living standards in living memory, followed by prolonged recession and worse.
So if Truss manages to send inflation into reverse and makes a noticeable cut to taxes by Easter, it will be seen as quite an achievement. She has also been helped by Rishi Sunak’s somewhat wild exaggeration of the risk her tax cuts posed to the public finances. Her proposed reduction of National Insurance by 1.25 percentage points, while welcome, is rather small – and was priced in by the markets some time ago.
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