Truss’s mini-budget looks likely to cost the Tories the next election

Liz Truss at the opening session of the Conservative party conference on Sunday with the chancellor, Kwasi Kwarteng. Tory MPs believe the loss of what reputation they have for economic competence will cost them the next general election. Photograph: Tolga Akmen/EPA

Liz Truss has long channelled Margaret Thatcher – echoing her rhetoric, her free market instincts and even her clothes – but as the Tory conference kicked off in Birmingham on Sunday many in her party were hoping that she would relinquish ambitions to be the next Iron Lady and drop her mini-budget plans.

There were early glimmers of hope. In an article for the Sun, she admitted her proposals would cause “short term disruption” but that she had an “iron grip” on the country’s finances. Then she told the BBC she understood public concerns. “I do accept we should have laid the ground better,” she said.