Liz Truss has bet the house on growth. The Prime Minister and Chancellor formally gave themselves the target of a 2.5 per cent growth rate in last month’s mini-Budget. But at the Conservative party conference this week, Truss used her speech to frame her premiership around growth, singling out as her enemies anyone she deems part of the ‘anti-growth coalition’.
Anything the government does now needs to be approached with caution rather than revolutionary zeal
As I say in today’s Telegraph, this was perhaps Truss’s most savvy political move to date. If the Prime Minister has had any success so far, it’s been to completely refocus the national narrative towards growth. But while the politics might work in the moment, the economics are another case entirely. Primarily: what happens if her growth initiative fails?
With the Office for Budget Responsibility cut out of the mini-Budget, the public (and indeed the markets) are eagerly anticipating their forecast for the ‘medium-term fiscal plan’.
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