Liz Truss has become another Theresa May

So, it transpires that, unlike her heroine, the lady IS for turning. At the very first opportunity, Liz Truss has folded on a signature policy – reducing the upper rate of income tax from 45 pence to 40 pence. No one can say there weren’t warnings of her flakiness: during the leadership election she similarly … Read more

We are entering a terrifying new phase of the Russo-Ukraine war

President Vladimir Putin’s annexation of Ukrainian territory on Friday, celebrated in the splendour of the Kremlin, is evidence not of offensive success, but of defensive fear. It is a world away from his triumphal 2014 seizure of the Crimean Peninsula. Putin’s aim now is to hold on to seized Ukrainian territory. His actions are the … Read more

There is no doubt this was an expensive intervention, but doing nothing was not an option

Cast your mind back just four weeks ago. We had daily warnings of extreme energy prices to come. Corner shops to factories predicting carnage. Business groups fearing mass unemployment. Entire livelihoods were on the line. Make no mistake, this was a very real prospect for our country. No government with any conscience would ever let … Read more

Putin’s endgame is an act of military self-destruction

Standing in front of enormous Russian Federation flags and behind his little white podium yesterday, it was difficult to fathom what was going on in Vladimir Putin’s mind, behind his inscrutable facial demeanour. Announcing the annexation of four Ukrainian regions might be seen by some of his Russian faithful as something of a triumph or … Read more

Trussonomics is already slaying the demons of stagflation. We need more of it

Volatility has stalked the UK markets this past week since the mini-Budget, much to the delight of the many opponents of the Truss-Kwarteng revolution. It is revealing how these critics have revelled in what they saw as the discomfiture of not just the new Government but also of the UK economy generally – as if … Read more

Liz Truss has offered sound economics, but terrible communication

I write this week in a state of high anxiety, deep concern and, yes, even anger. I am angry at the feeding frenzy that has once again surrounded our Government and our country – but also at the avoidable mistakes that have caused it. The stakes could hardly be higher. This country has been offered … Read more

Liz Truss must hold her nerve as the world tips into a calamitous recession

For the past 25 years, and especially since the financial crisis, the global economy has taken a disastrous wrong turn for which we are about to pay a hideous price. In one of the gravest intellectual errors since communism, many of the world’s cleverest people thought they had discovered the secret to perpetual prosperity. Forget … Read more

The last big dash for growth ended in disaster – here’s why this time it could be different

Despite this, there are risks. Many economists are concerned that a stimulus of this size could fuel inflation when it is already far too high. In addition this has to be financed. In the short term at least it will mean further government borrowing. We have already seen the reaction of the financial markets to … Read more

There is no sterling crisis, except in the minds of idiots

It seems any stick will do to beat up on the Government’s new fiscal package. Seeing that there is no logic in attacking fiscal solvency, because the Chancellor has explicitly committed himself to it, the mob of critics have fastened on the fall in sterling as the “canary in the coal mine” that denounces the … Read more