The former PM’s confidence in her ‘small state’ formula remains undented. And her flailing party is all-too ready to share in the delusion, says Guardian columnist Polly Toynbee
, claiming tax cuts for the rich yield more tax to the exchequer, though as Blanchflower says, “Trump disproved it definitively. His $2tn tax cuts for the rich left $2tn of debts.”
The head-on smash when ideology confronts the real world seems to have left Truss and her party concussed but undeterred. Hers was the latest of three lethal economic experiments. Austerity came first, George Osborne cutting back to a smaller government during a recession, when every economic precedent said it was a time to invest, so UK growth lagged behind. Then came Brexit, its high price to be paid for years to come. And now, this Trussonomics crash.
Bleating that no one warned her of the risk to bond markets as she borrowed billions to give the well-off a tax cut, it was she who had had enough of experts; she who
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