The prime minister is trapped in a quagmire of her own making. Her premiership is damaged beyond repair—and she is trapped
is already a historical figure. However long she now lasts in office, she is set to be remembered as the prime minister whose grip on power was the shortest in British political history. Ms Truss entered Downing Street on September 6th. Shewith a package of unfunded tax cuts and energy-price guarantees on September 23rd. Take away the ten days of mourning after the death of the queen, and she had seven days in control. That is the shelf-life of a lettuce.
It is tempting to conclude from rising gilt yields that the bank’s interventions are failing. Tempting, but wrong. Government borrowing costs have been rising along the yield curve, not just in the long-dated bit of the market where the Bank of England has been active. That is because of the second fire, which crackles because bond investors have decided that Britain has become riskier.
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