Another One Bites The Truss

Previously on Liz Truss. The UK PM said that she wouldn’t perform a U-turn on her Chancellor’s plan to abolish the 45p tax rate in the mini-budget. That plan was then scrapped but Liz Truss said she wouldn’t change direction on scrapping the increase to corporation tax. Oh, and Kwasi Kwarteng insisted, “I’m not going anywhere,” when questioned in the news. I think that sets it all up nicely.

And now the conclusion.

Liz Truss has sacked Kwasi Kwarteng as Chancellor. As Labour’s Jonathan Ashworth has been saying, Liz Truss fired Kwasi for carrying out the policies of Liz Truss. It seems strange to blame him. We all remember her setting out her plans in the run up to the Conservative leadership selection.

It’s like when you have a builder come round, look at your extension and say, “I don’t know which cowboy you had doing this,” and you point out it was them!

But, Liz Truss decided Kwasi was not to be trusted with the UK economy. If he was willing to listen to people like Liz Truss, she couldn’t rely on him.

Then came the U-turn on corporation tax (which won’t make us worse than the rest of Europe,
here are some figures on that). The rate of U-turning is so impressive if you could hook a generator up to her we wouldn’t need to develop more wind farms, which she would be happy about.

The new Chancellor is Jeremy Hunt, which is bad news for radio broadcasters everywhere. He has the name that you get wrong once and never work again. The only way it could be worse for radio presenters is if the new Heath Secretary was someone called Vassive Magina.

In a tweeted letter to Truss, Kwarteng began: “You have asked me to stand aside as chancellor. I have accepted.” Some people are saying Liz Truss threw Kwasi under the bus but thanks to decades of cutbacks there was never a risk of a bus turning up. He’ll be fine.

Is Kwasi carrying the can? Why doesn’t he use that suitcase they have in Number 10? You can carry bottles in that.

This reshuffle came before Liz Truss held an emergency Downing Street press conference. It was nice to see one of those that didn’t result in us having to avoid the pub and wear a mask for two years.

Did this settle the markets? It’s too early to tell. The markets surely were aware that Kwasi wasn’t the only brain behind the plan and the other author is still in the top job. Plus, once the markets get spooked it’s harder to settle them. If you were upset by someone slapping you on the head with a dead fish and then they U-turned on that policy, you’d still remember that they were willing to trout you up in the first place. Or first plaice. It’s my fault for starting the fish puns.

As everyone takes their side in the Twitter shouting match it is worth remembering that part of the problem here is the way the mini-budget was done. Even if you like the ideas you have to admit the lack of mathematical rigour caused much of this mess. If they had shown their workings we might not be paying through the nose for our variable mortgages.

Now we have a situation where everyone who hated the mini-budget is upset that they tried it and everyone who liked it is upset that they folded.

Labour and the SNP have called for Liz Truss to resign. That’s what people said about Boris Johnson presuming it couldn’t get any worse. Imagine what the next one could be like. It's the same mindset as a Doctor Who troll.

To be continued... probably.

>Read the source story

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