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
In her first Cabinet since the previous week’s party conference, Truss told the assembled ministers that Britain’s post-Covid economic challenge was bigger than that which Britain faced after the 2008 financial crisis. She defended both her tax cuts and the energy prize freeze she had introduced the previous month. Four ministers spoke against plans to link benefits to growth rather than inflation.
Meanwhile, Truss was forced to delay “Operation Rolling Thunder” – a ‘blitz’ of pro-growth reforms – due to a failure to agree a deregulation plan with Jacob Rees-Mogg as she rejected his “most radical measures”. Andrew Bailey signalled the Bank of England would end its intervention in the pensions market that Friday, whilst signalling something different in private.