Liz Truss’s Premiership: A Costly Mistake Britain Must Avoid Repeating | The Guardian Editorial

It only took 49 days for Liz Truss to devastate the British economy. Can you imagine the consequences over a decade? Ms Truss seems shamelessly determined to find out. Currently working on her book, Ten Years to Save the West, scheduled for release in April next year, she poses a threat to the western world. Unfortunately, her book is unlikely to offer the public the apology they deserve for the pound’s crash and skyrocketing interest rates a year ago. Rather, she is expected to double down on her flawed judgments.

Ms Truss places the blame for her downfall on a Trump-like conspiracy involving a left-wing economic establishment consisting of British businesses, the International Monetary Fund, and US President Joe Biden. Good luck selling that idea to the public. She should not have the power to recommend new peers or bestow honors upon those involved in her disastrous tenure in No 10. Surprisingly, Trussonomics is attempting a comeback through The Daily Telegraph and with the support of the Heritage Foundation, a powerful conservative thinktank based in Washington. This move isn’t surprising considering the ideological leanings of most Tory MPs. Ms Truss advocated for lower taxes, especially for the rich, and less regulation. Simultaneously, she enthusiastically embraced culture war issues, arguing that Brexit was failing due to insufficient efforts.

As a politician, she preferred inciting conflict over building bridges. This proved to be problematic as her rival in last year’s leadership race, Rishi Sunak, garnered the highest level of support among Tory MPs. Market speculators rightly perceived her government as weak and divided. Investors weren’t convinced that her tax cuts for the wealthy would yield the desired economic outcomes. Crucially, Ms Truss failed to lay the groundwork for her growth strategy with the Bank of England or the Treasury. Her downfall began with a pensions crisis and was sealed with the firing of her chancellor. Ironically, it was the markets she admired so much that brought about Ms Truss’s downfall. The Tories lost any reputation for economic competence they might have had.

Ms Truss is not an exception, but rather a representation of the Conservative party’s mindset. Her agenda of low taxes and deregulation excites many Tory MPs. While her hawkish stance on China may not sit well with the Foreign Office, it receives support from backbenchers. Although Mr Sunak dismissed her plans as “fairytales,” the Tories still embrace magical thinking. The Conservative Growth Group, led by former Truss cabinet ministers, captivates right-wing audiences with calls to abolish inheritance tax. When Mr Sunak assumed the role of prime minister, he promised to lead his party out of the hole it had dug. However, with increasing small-boat crossings, rising NHS waiting lists, and a contracting economy, the Tories haven’t stopped digging.

For most Britons, politics only briefly catches their attention during major elections. Ms Truss feels like a surreal experience to many. In fact, one focus group participant in a poll insisted that former chancellor Sajid Javid – not Ms Truss – was the prime minister “for a month and ‘screwed it all up'”. Mr Sunak trails behind Labour in the polls due to the legacy of 13 years of Tory rule extending beyond the brief tenure of Liz Truss. Those who argue that Ms Truss’s time in office wasn’t entirely disastrous for Britain must believe that the success of the Titanic’s voyage was determined by the survival of a few individuals on life rafts.