Truss is gone. The ideological hobgoblins she brought in and others of her fraternity turned on her. It’s not been “take back control” but out of control. Even two more years of this Tory disaster is unthinkable. Whether it’s tax cuts splurging on the rich, or the return by the chancellor, Jeremy Hunt, to thumb-screw austerity, the country can’t take either option. Nor will markets be much soothed as long as the party that enabled all this and drove us over the Brexit cliff remains in charge of our weakening economy.
The question is whether Labour, Lib Dems (and moderate Tories) can drive a stake through the heart of her extreme brand of libertarian, state-destroying, Europe-baiting, austerity politics. Strike it dead so it never resurrects, so no one ever tries it again any more than they would advocate Stalinism. Look at where it has taken us: Cameron and Osborne’s cuts at a time of recession, when every precedent said it was time to invest, led to negative growth in household income, and the UK performing worse than any other country in Europe bar Greece and Cyprus. Post-financial crash, incomes in France grew by 34% and in Germany by 27%, while ours fell by 2%, according to the Resolution Foundation.
Look what the Tories’ Brexit did. The British economy fell faster behind those in the EU: it was 90% of the size of Germany’s in 2016, and now it has fallen to 70%. Our trade to the EU has fallen by 16%…