London Daily

Focus on the big picture.
Thursday, Mar 26, 2026

Six years after Brexit, Britain has still had enough of experts

Six years after Brexit, Britain has still had enough of experts

Liz Truss’ mini-budget is the latest in a long line of Conservative attacks on economic orthodoxy.

It was one of the most famous quotes from one of the hardest-fought political campaigns Britain has ever seen.

“I think the people in this country have had enough of experts,” U.K. Cabinet Minister Michael Gove told the journalist Faisal Islam on primetime TV, shortly before the EU referendum.

His remarks were part of a wider attack on “organizations with acronyms” which supposedly got their predictions “consistently wrong” — and it summed up a Brexit campaign which took pride in ignoring much of Westminster and the British establishment’s received wisdom.

Now, as U.K. Prime Minister Liz Truss and her chancellor, Kwasi Kwarteng, reel from a widely-criticized and historically unpopular mini-budget, critics see a similarwillingness at the top of the Tory Party to ignore the experts.

Already the pair are counting the political cost. With tumbling poll ratings, the pair were forced into a humiliating climbdown over one of the budget’s key measures on the eve of the party’s annual conference in Birmingham.

“It’s a very similar mindset to Brexit, which is the belief that we could be doing so much better if we only pursued this particular agenda, which is all terribly simple, [and] which ignores both economic and political realities,” said David Gauke, a former Conservative Treasury minister.

Truss, he noted, hurled the term “Project Fear” at her rival Rishi Sunak in this summer’s Tory leadership race — reprising a phrase used by Brexit campaigners to dismiss doom-laden warnings from august institutions like the Treasury. It is “striking,” Gauke said, that “it’s very often the same people who said a no-deal Brexit would be fine, who are now saying ‘don’t worry about the markets’.”

Sunak, of course, was among the most pessimistic prognosticators regarding what Truss’ economic plans would mean in practice. He warned that a flurry of unfunded tax cuts combined with a massive expansion of borrowing would push up interest rates and spook the markets.

Last week, the pound dropped to its lowest level against the U.S. dollar on record. Borrowing costs soared. The Bank of England was forced to step in to prevent U.K. pension funds collapsing.

The chaos prompted the International Monetary Fund to issue a statement directly criticizing the Truss/Kwarteng budget. Tellingly, Truss’ allies responded with an attack on the IMF itself.


‘Strong institutions’


Truss and Kwarteng’s critics believe the government could have avoided much of the turmoil by listening to countervailing voices.

Ahead of the mini-budget, the government rebuffed an offer from the U.K.’s independent fiscal watchdog, the Office for Budget Responsibility, to run the rule over its plans. The Treasury’s long-serving top official, Tom Scholar, had already been sacked in one of Kwarteng’s first acts in power. And, on the campaign trail, Truss promised a review that could curb the Bank of England’s powers.

Party figures who are critical of the prime minister make the point that Margaret Thatcher, Truss’ political idol, was radical too — but bound by an essentially conservative respect for institutions that has now been jettisoned.

During the Tory leadership campaign, Truss promised a review that could curb the Bank of England’s powers


“Part of what builds trust in a country and an economy is strong institutions,” said Gauke. “And if you think about the Treasury, the Bank of England and the Office of Budget Responsibility, each of them have been undermined by the government over some time, but particularly by this new administration.”

In fact, Conservative disdain for economic orthodoxy has been on display since the early months of 2016. The Vote Leave campaign was primarily a Tory operation. In its aftermath, Theresa May pressed ahead with a plan to leave the EU’s single market in spite of dire warnings about the economic impact. Her successor Boris Johnson famously reached for the expletives when faced with business concern about his own plans. Then came Liz Truss.

“She’s not a radical, she’s a revolutionary,” said a former government aide who worked with Truss. “She wants to smash it all up. Revolution is a surprise, right? And you saw that with the markets’ reaction.”

Like Thatcher, Truss initially appeared not for turning.

On Sunday the prime minister admitted her administration could have “laid the ground better” for Kwarteng’s tax-cutting program, but insisted she was “confident” it will lead to economic growth.

“I do stand by the package we announced and I stand by the fact we announced it quickly, because we had to act,” the prime minister told the BBC’s Laura Kuenssberg.

Less than 24 hours later, Kwarteng had ripped up the budget’s most politically toxic measure — a tax cut for Britain’s highest earners — but only after the market rout and the threat of a Commons rebellion from mutinous Tory MPs.


‘Feverish commentary’


Those who support Truss’ direction of travel argue that her willingness to confront the status quo is long overdue.

Morgan Schondelmeier, director of operations at the libertarian Adam Smith Institute think tank — whose policies helped shape the Truss manifesto — said the Treasury tends to focus on the “static costs” of tax cuts rather than their potential benefits. This, she says, is “frustrating, especially for people who are looking to lower the headline rate of taxes or looking at different exemptions.”

David Jones, a former Tory Cabinet minister and avowed Truss backer, said it was “very clear that steady-as-she-goes was never an option.” He added: “The reason I supported Liz Truss was because she recognized that we did have to take a radical approach to restore growth.”

He agreed there are certain similarities between the current government’s approach and the circumstances of the Brexit vote. Predictions of an immediate recession and mass unemployment as a result of Brexit did not come to pass, Jones pointed out, adding: “Similarly, you’re getting an awful lot of very feverish commentary at the moment, which it would appear now that people have had the chance to think about it, is subsiding.”

British Prime Minister Liz Truss attends the annual Conservative Party conference


However, Jones is among those calling on the government to give the markets greater certainty by bringing forward a detailed fiscal statement on the supply-side reforms she intends to pursue.

Other Tory MPs are in a far more rebellious mood. Ironically, it was Gove who on Sunday articulated the concerns of fellow Tories about Truss’ plans, lamenting the “sheer risk of using borrowed money to fund tax cuts.”

For Gove, it seems, experts are back en vogue.

Truss, meanwhile, has the next three days of the Conservative Party’s annual conference in Birmingham to try to rally the rest of her party behind her — or at least stop it from falling apart. A dire set of opinion polls putting Labour streets ahead will provide a doom-laden backdrop for those present, while awkward questions for those who passionately defended the now-abandoned tax cut may drown out any message the government hopes to sell.

Remodeling the state on the scale envisaged by Truss and Kwarteng was once a daydream of right-wing libertarian think tanks, who traditionally spent party conferences tucked away hosting fringe events. Yet with Truss determined to follow through on her campaign promises in Wednesday’s big leader’s speech, it’s a fringe now poised to step up on to the main stage.

As the same former Tory aide quoted above put it drily: “The lunatics have taken over the asylum.”

Newsletter

Related Articles

0:00
0:00
Close
UK Government Rejects Cover-Up Claims After Theft of Former PM Aide’s Phone
Cyprus Opens Strategic Talks with UK Over Sovereign Base Areas
UK Faces Risk of Sharp Inflation Surge Despite Stable Pre-Crisis Figures
UK Police Arrest Two Over Suspected Antisemitic Arson as Iran Link Investigated
UK Inflation Holds at Three Percent Ahead of Oil Price Shock from Iran Conflict
UK Fuel Prices Face Upward Pressure as Global Oil Trends Raise Cost Outlook
Girlguiding UK Sets September Deadline for Membership Policy Change Affecting Trans Participants
Germany and UK Accelerate Wind Power Expansion to Strengthen Energy Security
UK Moves to Ban Cryptocurrency Donations to Political Parties Over Foreign Influence Concerns
UK and Turkey Finalise Major Air Defence Agreement Worth Billions
Apple Introduces Mandatory Age Verification for iPhone Users in the UK
Diverging Views Emerge Over Meghan Markle’s Planned Australia Appearance
Trump Signals Frustration with UK Leadership Amid Diverging Approaches to Iran Conflict
UK Government Takes Control of Hunterston B as Landmark Nuclear Decommissioning Begins
UK Public Inflation Expectations Jump Sharply in March, Raising Pressure on Bank of England
UK Ministers Warn Expanded North Sea Drilling Would Deepen Exposure to Global Energy Volatility
Delayed UK Defence Investment Plan Leaves Suppliers Under Severe Financial Strain
Can Iran Strike the UK? Assessing the Real Military Threat as Conflict Escalates
Sanctioned Iranian Banker Linked to Luxury Marbella Villa Through UK Corporate Structure
Casey Bloys Navigates HBO Max UK Launch, Paramount Integration and Industry Buzz Over Netflix Meeting
Iran Conflict Sparks Sharp Turbulence in UK Mortgage Market, Reaching Pandemic-Era Disruption Levels
Major Donor Urges University of Kentucky to Reconsider Mitch Barnhart’s Post-Retirement Role
United Kingdom Moves to Lead International Effort to Reopen Strait of Hormuz
UK Police Investigate Targeted Attack on Jewish Ambulance Vehicles
UK Police Investigate Targeted Attack on Jewish Ambulance Vehicles
Senior UK Advocate Criticises Barnhart Retirement Appointment, Calls for Reconsideration
UK Finds No Evidence of Direct Iranian Threat to Britain, Says Prime Minister Starmer
Assessing Iran’s Strike Capability and the UK’s Readiness Amid Rising Tensions
NATO Unable to Confirm Iran’s Role in Strike on UK-US Base as Tehran Denies Involvement
University of Kentucky’s Youling Xiong Receives SEC Faculty Achievement Award for 2026
Trump Highlights Satirical Portrayal of UK Leadership Amid Talks with Prime Minister Starmer on Iran Conflict
Trump Highlights Satirical Portrayal of UK Leadership Amid Talks with Prime Minister Starmer on Iran Conflict
UK Fuel Prices Surge Toward Crisis Levels as Experts Warn of Further Sharp Increases
UK Fuel Prices Surge Toward Crisis Levels as Experts Warn of Further Sharp Increases
Duchess of Sussex Secures ‘As Ever’ Trademark Rights in Australia Ahead of High-Profile Visit
UK Reaffirms Security as Officials Reject Claims of Immediate Iranian Missile Threat
Rising Middle East Tensions Spark ‘Trumpflation’ Debate Over Impact on UK Households
UK Minister Says No Evidence Iran Can Strike Europe Despite Heightened Warnings
British-Iranians Voice Safety Concerns to Authorities as Regional Conflict Intensifies
Confirmed Meningitis Cases Linked to Kent Outbreak Revised Down to Twenty
UK Government Sees No Evidence Iran Can Strike London Amid Rising Regional Tensions
Debate Grows Over Recognition of Indigenous Cultural Icons in the United Kingdom
Iran Missile Launch Toward Diego Garcia Raises Questions After Failed Strike on US–UK Base
Donald Trump Amplifies Viral Satirical Clip Highlighting UK–US Political Dynamics
UK Satirical Show Draws Attention with Sketch Referencing Trump and Prince Andrew
Meghan Markle’s Possible UK Return Sparks Renewed Attention on Sussex Role
Starmer Convenes Urgent Talks on Cost-of-Living Pressures Linked to Iran Conflict
Starmer Convenes Urgent Talks on Cost-of-Living Pressures Linked to Iran Conflict
UK Investors Eye Bargain Shares Ahead of ISA Deadline Amid Market Volatility
UK Investors Eye Bargain Shares Ahead of ISA Deadline Amid Market Volatility
×