An ideologically extreme party that makes unpopular policy choices far removed from the position of most voters will reap the inevitable consequence in terms of public opinion. Liz Truss decided to bet against such thinking, and has lost badly. Squandering the Tory reputation for fiscal prudence will ensure the spectre of Black Wednesday hangs over its party conference.
The mistake was Kwasi Kwarteng’s plan for growth. The public, accurately, saw it as unfair, foisting higher mortgage payments on many while millionaires get a £55,000 handout. The Labour party has opened up a 30-point poll lead over the Tories. Sensing danger, Ms Truss and Mr Kwarteng did hold emergency talks with the Office for Budget Responsibility on Friday. But the move smacked of desperation. Her government, rightly, looks finished before it gets a chance to get started.
