London Daily

Focus on the big picture.
Sunday, Feb 01, 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
New Epstein Files Include Images of Former Prince Andrew Kneeling Over Unidentified Woman
Starmer Urges Former Prince Andrew to Testify Before US Congress About Epstein Ties
Starmer Extends Invitation to Japan’s Prime Minister After Strategic Tokyo Talks
Skupski and Harrison Clinch Australian Open Men’s Doubles Title in Melbourne
DOJ Unveils Millions of Epstein Files, Fueling Global Scrutiny of Elite Networks
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
China Lifts Sanctions on British MPs and Peers After Starmer Xi Talks in Beijing
Trump Nominates Kevin Warsh as Fed Chair to Reorient U.S. Monetary Policy Toward Pro-Growth Interest Rates
AstraZeneca Announces £11bn China Investment After Scaling Back UK Expansion Plans
Starmer and Xi Forge Warming UK-China Ties in Beijing Amid Strategic Reset
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
U.S. Signals Potential Decertification of Canadian Aircraft as Bilateral Tensions Escalate
Former South Korean First Lady Kim Keon Hee Sentenced to 20 Months for Bribery
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
China Executes 11 Members of the Ming Clan in Cross-Border Scam Case Linked to Myanmar’s Lawkai
Trump Administration Officials Held Talks With Group Advocating Alberta’s Independence
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
Shopping Chatbots Move From Advice to Checkout as Walmart Pushes Faster Than Amazon
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
UK Prime Minister Starmer Arrives in China to Bolster Trade and Warn Firms of Strategic Opportunities
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Amazon to Cut 16,000 Corporate Jobs After Earlier 14,000 Reduction, Citing Streamlining and AI Investment
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Wall Street Bets on Strong US Growth and Currency Moves as Dollar Slips After Trump Comments
UK Prime Minister Traveled to China Using Temporary Phones and Laptops to Limit Espionage Risks
Google’s $68 Million Voice Assistant Settlement Exposes Incentives That Reward Over-Collection
Kim Kardashian Admits Faking Paparazzi Visit to Britney Spears for Fame in Early 2000s
UPS to Cut 30,000 More Jobs by 2026 Amid Shift to High-Margin Deliveries
France Plans to Replace Teams and Zoom Across Government With Homegrown Visio by 2027
Trump Removes Minneapolis Deportation Operation Commander After Fatal Shooting of Protester
Iran’s Elite Wealth Abroad and Sanctions Leakage: How Offshore Luxury Sustains Regime Resilience
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Four Arrested in Andhra Pradesh Over Alleged HIV-Contaminated Injection Attack on Doctor
Hot Drinks, Hidden Particles: How Disposable Cups Quietly Increase Microplastic Exposure
UK Banks Pledge £11 Billion Lending Package to Help Firms Expand Overseas
Suella Braverman Defects to Reform UK, Accusing Conservatives of Betrayal on Core Policies
Melania Trump Documentary Sees Limited Box Office Traction in UK Cinemas
Meta and EssilorLuxottica Ray-Ban Smart Glasses and the Non-Consensual Public Recording Economy
WhatsApp Develops New Meta AI Features to Enhance User Control
Germany Considers Gold Reserves Amidst Rising Tensions with the U.S.
Michael Schumacher Shows Significant Improvement in Health Status
Greenland’s NATO Stress Test: Coercion, Credibility, and the New Arctic Bargaining Game
Diego Garcia and the Chagos Dispute: When Decolonization Collides With Alliance Power
Trump Claims “Total” U.S. Access to Greenland as NATO Weighs Arctic Basing Rights and Deterrence
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
U.S. winter storm triggers 13,000-plus flight cancellations and 160,000 power outages
Poland delays euro adoption as Domański cites $1tn economy and zloty advantage
×