Ignore the hyperbolic overreactions to the 45p U-turn

One minute you are cock of the walk, the next a feather duster, as the former tabloid editor Piers Morgan would put it. Chancellor Kwasi Kwarteng will be getting off lightly if this is the worst that is said about him after his rapid about-turn on cutting the 45 per cent top rate of income … Read more

Tory Party conference latest LIVE: Kwasi Kwarteng makes humiliating U-turn on 45p top tax rate

Mr Kwarteng tweeted: “It’s clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country. “As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate. We get it and we have listened.” The humiliating move … Read more

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

Kwasi Kwarteng lines up Antonia Romeo to become the Treasury’s top civil servant

Kwasi Kwarteng is preparing to announce his new top civil servant this week, with a mandarin who worked alongside Liz Truss understood to be his favoured candidate. Antonia Romeo, who is said to have outshone competition from rivals from across Whitehall, would be the first female permanent secretary at the Treasury. The planned announcement comes … 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

Gas price plunge predicted to slash cost of energy bailout by half

Plunging gas prices will mean that Kwasi Kwarteng’s massive support package for energy bills costs £30bn instead of £60bn, according to new forecasts that predict he will balance the books within three years. The blow to the public finances from the Chancellor’s mini-Budget could be far smaller than feared as Treasury costings on tax cuts … Read more

I promise to bring spending under control

Mr Kwarteng’s vow to stick by measures that may not be popular with everyone will be seen as a sign he will not reverse the abolition of the 45 per cent top rate of income tax. On Friday, the Treasury resisted Tory pressure to commission the Office of Budget Responsibility (OBR) to publish a forecast … 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

BBC veteran David Dimbleby criticises tax cuts with rare on-air expletive

V eteran broadcaster David Dimbleby made a rare outspoken remark while on air as he discussed the UK’s economic turmoil of recent days with the BBC. The former Question Time host said the “massive change” announced by the Government at a time when members of the public were being forced to make tough decisions was … Read more

Benefits hit as Liz Truss tries to stem the mini-Budget bleeding

Ms Truss repeatedly defended last Friday’s announcements during her local media round, telling BBC Radio Norfolk: “This is the right plan that we have set out.”  She pointed to turmoil on financial markets across the world and gave no indication that any element of the mini-Budget would be reversed despite the financial fallout. On Thursday … Read more