Blood-soaked former cabinet ministers stalked the Tory conference with the soft smiles of serial killers. Even current members of cabinet sounded off about potential spending cuts they don’t like
Save time by listening to our audio articles as you multitaskStrangely, the face of George Osborne, who was chancellor of the exchequer under David Cameron from 2010 to 2016, appears on no tea towels or tote bags. Yet it is his policies that Liz Truss’s new government has started aping. The announcement on September 23rd of unfunded cuts to corporation tax, income tax, stamp duty and national insurance has left behind a hole in the budget of £43bn .
Start with the politics. In 2010 the Conservatives were a well-disciplined party, hungry for power after 13 years out of office, willing to do unpopular things. In 2022 blood-soaked former cabinet ministers stalk from one event to another with the soft smiles of serial killers. Even current members of cabinet sound off about potential spending cuts they don’t like.
The British government is used to marking its own homework when it comes to its finances. Chancellors were broadly left to set their own fiscal rules on spending while the market nodded along. Mr Kwarteng no longer enjoys the benefit of the doubt, after picking fights with the Treasury, criticising the Bank of England and ignoring the Office for Budget Responsibility, a watchdog.
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