Liz Truss is in a race against time. It’s not just the prospect of an election in two years. It’s the political problems – from party management to events outside of one’s control – that quickly clog up a prime minister’s in-tray. It’s why for all the efforts to play down Friday’s fiscal event as a mini-Budget, it is likely to be anything but small. Truss and her Chancellor Kwasi Kwarteng plan to push through as much as possible while their stock is highest.
The official budget – complete with a long-awaited OBR forecast – will come later this winter, but, inside government, Friday is viewed as the bigger event. Given it is all about tax cuts and growth, Friday’s fiscal event may be the more significant in terms of government actions.
Truss and Kwarteng are taking a gamble – and it won’t be too long before it becomes clear whether or not it is paying off
Two things that will definitely be in it are the campaign pledges to scrap the national insurance hike and cancel the planned corporation tax hike.
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