Liz Truss spent the summer trying to bury Treasury “orthodoxy”; on Monday she and her chancellor Kwasi Kwarteng launched a concerted effort to resurrect it. For some Tory MPs it was a case of too little, too late.
Kwarteng announced he was rushing forward publication of his medium term plan to cut UK government debt plus accompanying official forecasts to October 31, having previously said the financial markets could wait until the new year.
Meanwhile the prime minister’s appointment of James Bowler, a Treasury civil servant of 20 years standing, as the finance ministry’s new permanent secretary was a further example of her efforts to reassure markets after Kwarteng’s “mini” Budget spooked investors by containing £45bn of unfunded tax cuts.
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