She makes Margaret Thatcher look like a moderate and Ronald Reagan seem positively wet. Liz Truss has embarked on an ideological project so extreme that the de facto budget announced by her chancellor today amounts to a declaration of class war.
It was a reverse Robin Hood: taking from those who have least, lavishing gifts on those who have most. It is morally indefensible, economically reckless and so politically risky as to suggest a death wish.Trussonomics rests on a simple article of faith: that by rewarding the already wealthy, life will improve for everyone else.
Trickle-down economics, they called it back in the 1980s, and it didn’t work then. Now it’s back in a form more stark, more extravagant, than even its most ardent apostles ever dared contemplate.The generosity towards the amply blessed was breathtaking.
Kwasi Kwarteng’s totemic move was the removal of the cap on bankers’ bonuses – as if the number one problem confronting Britain today was that bankers aren’t rich enough.Read more on theguardian.com