Even if Truss And Kwarteng calm the markets, winning back the public may be Mission Impossible 🔵A new, mega U-turn by the PM and Chancellor may hasten, not delay, their own demise, writes paulwaugh
And when asked about his own future, he added yet another huge hostage to fortune to all the others holed up in the prison cell of his mini-Budget. When asked if he would still be Chancellor and Liz Truss will be Prime Minister this time next month, he replied: “Absolutely, 100 per cent, I’m not going anywhere.”
Truss herself had a day earlier said “Absolutely, absolutely” when asked if she would not cut public spending to balance the books, only for No 10 to within minutes finesse that pledge by saying spending was to be reviewed. For many backbenchers, the chaos means their PM and Chancellor look more like absolute beginners than absolutely fabulous.
Kwarteng’s holding line seems no more than that. In another reminder of the 1970s and Labour PM James Callaghan’s “Crisis? What Crisis?” demise, the Chancellor repeated again on Thursday his line that the UK had only suffered a little “turbulence”. In London, when the PM’s deputy official spokesman was asked if there was “some kind of panic going on?”, she actually replied: “I’m not aware or across those kind of details.
The market is indeed driving the pace, but so too are the institutions like the Office for Budget Responsibility, the Bank of England and the civil service itself. Although it’s become fashionable among some on the radical Right to blame “the deep state” for all our ills, many of our institutions – including the Monarchy – often try to achieve a deep state of stability that the public quite like.
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