Losing trust in Truss, and why it matters

The implosion of the Tories (and Ms Truss) can be attributed to both short-sighted opportunism and allowing ideology, rather than pragmatism, to drive policy.

Even by the chaotic standards set by post-Brexit Britain, the 45 stormy days with Liz Truss at the helm were unprecedented. There was the political mess whipped up by an unpopular mini-budget. There were the ideology driven steps hurriedly rolled back in the face of a market meltdown. Ms Truss lost two senior ministers in two weeks, the Conservative Party’s whip and deputy whip reportedly quit, and the backbencher Members of Parliament were up in arms against what they see as rank incompetence. It all culminated in her dramatic resignation on Thursday, earning the unenviable legacy of having the shortest tenure as PM of Britain. The country now stares at a protracted period of political turmoil with no clear successor in sight, a messy intra-party fight on the cards before a candidate is elected next week.

Ms Truss has left the country’s public finance and global financial reputation in tatters.  (Reuters)

Once called the natural party of government, the implosion of the Tories (and Ms Truss) can be attributed to both short-sighted opportunism and allowing ideology, rather than pragmatism, to drive policy. It is bad economics and bad politics. After all, outlandish promises that animated the base of the party — such as unfunded tax cuts and a reversal of an increase in corporation tax — to choose Ms Truss were always considered economically unsound (experts also pointed out that the prime minister had no democratic mandate), but the administration chose to throw its weight behind them, believing in the power of ideological conviction over cold hard data. In ignoring words of caution by experts outside and in government, Ms Truss has left the country’s public finance and global financial reputation in tatters. It is a warning sign to the world.