When Trussonomics arrives, the big winner may well turn out to be Labour

‘The message from Liz Truss and Kwasi Kwarteng to those querying where the money is coming from is that everything will work out well in the end.’ Photograph: Leon Neal/Getty Images

Since launching her bid to be prime minister in July, Liz Truss has talked non-stop about the need to challenge Treasury orthodoxy and run the economy differently. Friday marks the day when the talking ends and Britain gets a taste of what Trussonomics actually means.

Let’s be clear: Kwasi Kwarteng’s statement to MPs on Friday is much more than a run-of-the-mill fiscal event. Mini budget doesn’t really do it justice either. Most full-blown budgets matter little and are quickly forgotten. This one is a very big deal indeed.