Liz Truss’s first speech as prime minister gave her a chance, finally, to speak to the country rather than the party. Ms Truss is no orator. She had no resonant slogan of her own – “aspiration nation” was coined by David Cameron. However, Ms Truss’s address was meant to demonstrate that she was a serious and capable leader. She made it clear that her government would focus on the crises engulfing the economy, energy and the health service. Her premiership is confirmation that the Tory party in office has reached a historic crossroads in the aftermath of unexpected circumstances.
So large is the cost of living crisis that the party is being forced to shed its shibboleths. Ms Truss may have run as the heir to Thatcherism, but ever since the sustained state intervention in response to the pandemic, it has been clear that markets are no longer sacrosanct. The new government will have to institute price controls to curb soaring bills, and with uncertain electricity supplies during the winter it is likely that rationing will be back on the table. Leaks suggest that the freezing of energy bills will be paid for by £90bn of extra borrowing. The government also has ambitions that are likely to be expensive – a world-class health service, levelling up and net zero cannot be done on the cheap.
