Kwasi Kwarteng and Liz Truss have acknowledged that Britain’s infamous “mini-budget” did not go down well. They have not cleaned up the mess
and the Bank of England to intervene on grounds of financial stability; the Conservative Party’s poll numbers had crashed; Torys were lining up to denounce the decision to give richer people a tax break during a cost-of-living crisis. There had been “a little turbulence”, acknowledged the chancellor in his address to the party conference. “We are listening and have listened.”
The government hopes this will be enough to get on with its growth agenda. On this view, the U-turn on the top rate of tax signals pragmatism and flexibility to the markets, and it buys it political room to make whatever spending cuts are necessary to make the sums add up. Thewill see the detail of supply-side reforms that are going to be unveiled in the coming weeks, goes this argument, and will concur that a big boost to economic growth is on its way.
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