'We have claimed ownership of every turd we can find,' says one senior Tory
with no superstitions attached. “The first thing he should do is not hold the event on Halloween,” says one fed-up former minister.
After riding into Downing Street with promises to shake up the Treasury orthodoxy and undo years of stagnation, Liz Truss and her Chancellor find themselves squeezed between the financial reality of their plans and the political response. The Institute for Fiscal Studies estimates that there is now a need for cuts in the region of £60bn to get public finances back under control. That is almost twice what George Osborne cut in 2010.
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