FILE PHOTO: British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, in Northfleet, Kent, Britain, September 23, 2022. REUTERS/Dylan Martinez/Pool/File Photo British Prime Minister Liz Truss, left, and Chancellor of the Exchequer Kwasi Kwarteng have brought down a budget that contains unfunded tax cuts, mostly to the benefit of the rich, of around $50 billion a year.
What drew them to her was her fanatical devotion to the cause of lower taxes and a smaller state, as exemplified in a book she and Kwarteng co-authored 10 years ago called Britannia Unchained. At least that’s what Liz Truss believes: in the firm belief that she is walking in the footsteps of her heroine, sainted former prime minister Margaret Thatcher. She is not.
Meanwhile, investors look at Truss and Kwarteng’s business model, do the math, and flee. In the words of Paul Donovan, chief economist at UBS Global Wealth Management, they now see the Conservative Party as a “doomsday cult.”