London Daily

Focus on the big picture.
Wednesday, Jan 21, 2026

If the Tories listen to the siren voice of 49-day Liz Truss they will be sunk

If the Tories listen to the siren voice of 49-day Liz Truss they will be sunk

When a party falls to pieces, look out for the phase in which it starts to blame the world for its own flaws. In a 4,000-word essay in The Daily Telegraph that would have been funnier but no less absurd if it had been written by Lewis Carroll, the 49-day former PM Liz Truss seriously tried to suggest to us that her time in office was cut short because of a Left-wing conspiracy conducted by those notorious pinkos, Treasury officials and bond market traders. Playing the victim is now occupying the psychological space that used to be taken up by blaming the European Union for Britain’s problems. If this takes hold, the party is truly sunk.
Let us return briefly to reality and recap what happened because Truss herself seems either confused or in the grip of a delusion. Truss had the top official at the Treasury sacked and refused to allow the Office for Budget Responsibility to publish forecasts. She was proved to be catastrophically wrong but now blames a conspiracy of Left-wing civil servants.

In fact, as former chancellor George Osborne pointed out last night, it was the bond market reaction that stopped the £45 billion of unfunded tax cuts she had planned. The cost of borrowing surged and some of the pension providers with more than £1 trillion invested came close to collapse. There is no getting away from the fact that it was the biggest self-created fiasco in modern British economic policy. There is nothing Truss can say except sorry — and she has proved to be incapable of saying that.

We know very well that Truss was warned at the time that her proposed tax cuts would leave this country perilously close to being unable to service its debt. We know that because Truss herself used it as the reason she was forced to sack her chancellor, Kwasi Kwarteng. Besides, the flaw in Truss’s case is obvious to everyone but her. As international trade secretary between 2019 and 2021, Truss was the great champion of market freedom, which she earnestly believes is the royal road to prosperity. The bond markets expressed themselves with great clarity on the Truss premiership and she was forced, against her will, to listen. There is no such thing, she was learning, as a free market.

In fact, one of her predecessors and intellectual heroes, Margaret Thatcher, had a different view of markets. In a brilliant explanation of the sources of Thatcherism, Shirley Robin Letwin showed that it was precisely the discipline imposed by markets that attracted Mrs Thatcher. The bond markets imposed fiscal discipline on an incontinent Tory prime minister and chancellor. It is about as far from a Left-wing coup as you can imagine.

Since the Kwarteng-Truss calamity, current Chancellor Jeremy Hunt has done a good job of calming the markets and bringing the borrowing premium down. It looked briefly as if a period of calm might be reinstated. Truss’s determination to prove that she was right all along shows how deeply divided the Conservative Party is, how eminently ready for opposition it is now becoming. For the first time in British history, three former prime ministers sit on the backbenches. Theresa May will behave with dignity and restraint but neither of those words describe Boris Johnson and Truss has shown herself to be spoiling for a fight. Not since Ted Heath skulked in the shadows while Mrs Thatcher tried to run the country have we seen the ghost of a previous regime so present at the feast of its successor.

There is a risk for the Conservative Party that tax cuts become for the Right what socialism was for the Left — the panacea that has never properly been tried because it is thwarted by conspirators. We have travelled a long way here from practical common sense and it shows the state the Conservative Party has now got itself into. If the Tory party is going to behave like this, then all Labour needs to do is to hold tight and wait.

There is certainly an audience within the Conservative Party for the delusions of two successive former prime ministers. Some of the faithful think Johnson should come back and some of them think Truss was right all along, just as she does. Maybe Johnson carrying out Trussonomics would be the perfect combination of Tory delusion. It is unlikely that the former prime ministers in their midst will be capable of a period of silence. Deluded and seeking vindication, they will take their party with them.
Newsletter

Related Articles

0:00
0:00
Close
Starmer Steps Back from Trump’s ‘Board of Peace’ Amid Strained US–UK Relations
Prince Harry’s Lawyer Tells UK Court Daily Mail Was Complicit in Unlawful Privacy Invasions
UK Government Approves China’s ‘Mega Embassy’ in London Amid Debate Over Security and Diplomacy
Trump Cites UK’s Chagos Islands Sovereignty Shift as Justification for Pursuing Greenland Acquisition
UK Government Weighs Australia-Style Social Media Ban for Under-Sixteens Amid Rising Concern Over Online Harm
Trump Aides Say U.S. Has Discussed Offering Asylum to British Jews Amid Growing Antisemitism Concerns
UK Seeks Diplomatic De-escalation with Trump Over Greenland Tariff Threat
Prince Harry Returns to London as High Court Trial Begins Over Alleged Illegal Tabloid Snooping
High-Speed Train Collision in Southern Spain Kills at Least Twenty-One and Injures Scores
Meghan Markle May Return to the U.K. This Summer as Security Review Advances
Trump’s Greenland Tariff Threat Sparks EU Response and Risks Deep Transatlantic Rift
Prince Harry’s High Court Battle With Daily Mail Publisher Begins in London
Trump’s Tariff Escalation Presents Complex Challenges for the UK Economy
UK Prime Minister Starmer Rebukes Trump’s Greenland Tariff Strategy as Transatlantic Tensions Rise
Prince Harry’s Last Press Case in UK Court Signals Potential Turning Point in Media and Royal Relations
OpenAI to Begin Advertising in ChatGPT in Strategic Shift to New Revenue Model
GDP Growth Remains the Most Telling Barometer of Britain’s Economic Health
Prince William and Kate Middleton Stay Away as Prince Harry Visits London Amid Lingering Rift
Britain Braces for Colder Weather and Snow Risk as Temperatures Set to Plunge
Mass Protests Erupt as UK Nears Decision on China’s ‘Mega Embassy’ in London
Prince Harry to Return to UK to Testify in High-Profile Media Trial Against Associated Newspapers
Keir Starmer Rejects Trump’s Greenland Tariff Threat as ‘Completely Wrong’
Trump to hit Europe with 10% tariffs until Greenland deal is agreed
Prince Harry Returns to UK High Court as Final Privacy Trial Against Daily Mail Publisher Begins
Britain Confronts a Billion-Pound Wind Energy Paradox Amid Grid Constraints
The graduate 'jobpocalypse': Entry-level jobs are not shrinking. They are disappearing.
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
The Return of the Hands: Why the AI Age Is Rewriting the Meaning of “Real Work”
UK PM Kier Scammer Ridicules Tories With "Kamasutra"
Strategic Restraint, Credible Force, and the Discipline of Power
United Kingdom and Norway Endorse NATO’s ‘Arctic Sentry’ Mission Including Greenland
Woman Claiming to Be Freddie Mercury’s Secret Daughter Dies at Forty-Eight After Rare Cancer Battle
UK Launches First-Ever ‘Town of Culture’ Competition to Celebrate Local Stories and Boost Communities
Planned Sale of Shell and Exxon’s UK Gas Assets to Viaro Energy Collapses Amid Regulatory and Market Hurdles
UK Intensifies Arctic Security Engagement as Trump’s Greenland Rhetoric Fuels Allied Concern
Meghan Markle Could Return to the UK for the First Time in Nearly Four Years If Security Is Secured
Meghan Markle Likely to Return to UK Only if Harry Secures Official Security Cover
UAE Restricts Funding for Emiratis to Study in UK Amid Fears Over Muslim Brotherhood Influence
EU Seeks ‘Farage Clause’ in Brexit Reset Talks to Safeguard Long-Term Agreement Stability
Starmer’s Push to Rally Support for Action Against Elon Musk’s X Faces Setback as Canada Shuns Ban
UK Free School Meals Expansion Faces Political and Budgetary Delays
EU Seeks ‘Farage Clause’ in Brexit Reset Talks With Britain
Germany Hit by Major Airport Strikes Disrupting European Travel
Prince Harry Seeks King Charles’ Support to Open Invictus Games on UK Return
Washington Holds Back as Britain and France Signal Willingness to Deploy Troops in Postwar Ukraine
Elon Musk Accuses UK Government of Suppressing Free Speech as X Faces Potential Ban Over AI-Generated Content
Russia Deploys Hypersonic Missile in Strike on Ukraine
OpenAI and SoftBank Commit One Billion Dollars to Energy and Data Centre Supplier
UK Prime Minister Starmer Reaffirms Support for Danish Sovereignty Over Greenland Amid U.S. Pressure
UK Support Bolsters U.S. Seizure of Russian-Flagged Tanker Marinera in Atlantic Strike on Sanctions Evasion
×