Has Liz Truss blown it already? After just over a month in the job, Great Britain's new prime minister finds herself in crisis—with worse approval ratings than her predecessor. Friday brought another twist, when Truss made the dramatic decision to fire her most senior cabinet minister, Chancellor of the Exchequer Kwasi Kwarteng, as part of an attempt to reset her premiership. But it may all be too late.
Where did it all go wrong for Truss? In Britain, it's conventional wisdom to point to the infamous "mini budget" of September 23, in which Truss marked her arrival with a sudden package of unfunded tax cuts. The mini budget may have spooked the markets—but does it tell the whole story?
