Liz Truss became prime minister promising to shake things up and she has certainly done that. In less than a month, the new government has sent interest rates soaring, crashed the pound, torpedoed the property market, made recession inevitable and left her party on course for a defeat of epic proportions at the next election. Not bad for starters. The encore will have to be good to match the debut performance.
As the economist Mohamed El-Erian has noted, the mayhem since Kwasi Kwarteng’s mini-budget was more typical of the stuff that happens in developing countries than in rich, developed nations.
