There are several reasons why Labour won the 2024 general election but the most important was the 'mini-Budget'. In the space of a week, Liz Truss and Kwasi Kwarteng dismantled the Conservative Party's reputation, deserved or otherwise, for sound fiscal management. Boris Johnson's complicated relationship with the truth and Rishi Sunak's decision to tack right did not help, but the party's fate was sealed in September 2022.
But the 'mini-Budget' was more than a political calamity for a party. It was a lesson that all Britain's politicians needed to learn once again. That there are limits to how much the nation can borrow. And that if the markets decide a chancellor has overstepped the mark, it will let them know.
