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When Trussonomics arrives, the big winner may well turn out to be Labour

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Since launching her bid to be prime minister in July, Liz Truss has talked non-stop about the need to challenge Treasury orthodoxy and run the economy differently.

Friday marks the day when the talking ends and Britain gets a taste of what Trussonomics actually means.Let’s be clear: Kwasi Kwarteng’s statement to MPs on Friday is much more than a run-of-the-mill fiscal event.

Mini budget doesn’t really do it justice either. Most full-blown budgets matter little and are quickly forgotten. This one is a very big deal indeed.For decades economic policy in Britain has been dominated by the idea that the government’s books need to add up.

Margaret Thatcher likened her approach to the public finances to that of a housewife seeking to manage a household budget. George Osborne accused Gordon Brown’s government of “maxing out” on the nation’s credit card.

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