Is there a way for the government to get out of the mess that it is in? This is the question obsessing ministers and Tory MPs. If the government doesn’t set out how it intends to square the circle, it’ll be risking more market mayhem. But as I say in the Times today, it is very hard to see a way out of this that is both politically palatable and economically possible.
Nervous Tory MPs are being told by one of Truss’s cabinet allies ‘the solution is to be very tough on public spending’
A rapidly growing number of Tory MPs think the government should abandon or delay the abolition of the 45p tax rate. They believe that this would show the market that they were now behaving more responsibly. But if Truss and Kwarteng did row back on tax cuts, they would be in office but not in power. The Truss revolution would be over just weeks after it had started.
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