Rishi Sunak and the triumph of managerialism

A few short months ago, Liz Truss dismissed Rishi Sunak’s business-as-usual managerialism on the economy. The former chancellor responded by constantly reiterating that her homage to Thatcherism, led by cuts to personal and corporation taxes, would unleash chaos rather than growth. She peddled belief while he dealt in realism. The grassroots preferred the former.

Seven weeks after the result and Sunak looks vindicated. Trussonomics collided with the reality of the markets. Interest rates surged and the Bank of England was forced into a massive gilt-buying operation. The pound slumped against the dollar and (even after a few rallies) sits down slightly on when Truss came to power – and is worth nearly twenty cents less than last autumn.

For ordinary Britons, this will mean higher mortgages and higher bills. For the Conservative party, it could mean electoral oblivion. The worst-case polling has them losing almost every seat at the next election.