With acknowledgments to Harry Cole and James Heale‘s Out of the Blue: the Inside Story of the Unexpected Rise and Rapid Fall of Liz Truss
Kwasi Kwarteng’s Mini-Budget continued to dominate headlines. Following the biggest package of tax cuts in half a century, Liz Truss, in the Mail on Sunday, and Kwarteng, in the Sun on Sunday, defended their approach.
The Prime Minister pledged to unleash a “decade of dynamism” and claimed she sought a “low-tax nation rich in opportunity”. She also announced an extension of the Government’s Start-Up Loans programme. Her Chancellor said the Government was looking “forward to proving the naysayers wrong” and that he was “on a mission to encourage investment and drive growth”.
He told Laura Kuenssberg that there was “more to come” on tax cuts, to the irritation of Truss(and the financial markets) In reference to the Mini-Budget, a former minister told the Sunday Times that “everyone who isn’t mad hates it”. Labour’s conference began, with Keir Starmer pledging to reintroduce the 45p tax rate.