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New Statesman: Liz Truss is a “DANGER” to the Tory Party and to the country

02/10/2022

September 30,2022

The pound is crashing. The markets are panicking. Yet Liz Truss and Kwasi Kwarteng are pushing on with their ruinous economic plan regardless. What on earth is going on?

After just three weeks of a new government, the UK economy appears to be in freefall. Kwasi Kwarteng’s “mini” budget last week gave huge tax breaks to the rich as the new Chancellor and Prime Minister pinned all their hopes on an ideological commitment to trickle-down economics.

In response, the value of the pound sterling collapsed to record lows against the dollar and the Bank of England has had to intervene to stop pension funds from becoming insolvent. Now several polls show Labour under Keir Starmer with a record lead over the Conservatives.

In this video Anoosh Chakelian and Will Dunn are joined by economist Duncan Weldon and David Gauke, former chief secretary to the Treasury. They explore why the markets reacted so badly to the Chancellor’s statement on 23 September, what the subsequent Bank of England intervention actually did, and what the impact of all of this might be on ordinary voters.

The New Statesman podcast is now on YouTube. Anoosh Chakelian and New Statesman colleagues including political editor Andrew Marr discuss the latest in UK politics news, helping you understand the forces shaping British politics today. —

The New Statesman brings you unrivalled analysis of of the latest UK and international politics. On our YouTube channel you’ll find insight on the top news and global current affairs stories, as well as insightful interviews with politicians, advisers and leading political thinkers, to help you understand the political and economic forces shaping the world.

With regular contributions from our writers including Political Editor Andrew Marr and Anoosh Chakelian – host of the New Statesman podcast – we’ll help you understand the world of politics and global affairs from Westminster to Washington and beyond.

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