What’s really new about Trussonomics? From her first big interventions – though the fiscal details are incomplete – we can grasp the basics.
First: though Liz Truss is philosophically inclined towards a small state, she and the Chancellor, Kwasi Kwarteng, look inclined to respond to big challenges with big spending. “Action first, work out the fiscal implications later,” is something you probably only get away with once, but a universal freeze on energy bills was the right thing to do even though – as we will come to – it was not enough.
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