Planning reform is the swiftest – and perhaps the only – path out of this country’s economic malaise. Will MPs let her take it?
At a macro-level, it reinforces prudence and affordability. But at a micro-level, it can be an obstacle to speed, efficiency and innovation.
The carnage in the markets is a reminder that she will need all the support from Conservative MPs she can get. That will require handling them with more tact and skill than she has shown so far.
The risks of an adverse market reaction were obvious in advance of Kwarteng’s statement, and a wise Chancellor would have taken heed of it. Unfortunately, the Permanent Secretary had been dismissed and he ploughed on apparently oblivious to the risks.
Kwarteng announces the biggest raft of tax cuts since the Barber Boom, as well as committing the Government to handling the energy crisis.
In one of the most remarkable statements from a Chancellor in living memory, Kwarteng pledged to reduce the top rate of income tax – amongst many other measures.
There’s an obvious precedent for the sorts of pro-growth policies that Truss is offering: that of Ronald Reagan and his supply-side revolution.
People need a sense of hope and optimism about their prospects. And one of the best ways for the new Prime Minister to deliver that credibly is indeed to show how they will grow the innovations which will make life better.
The first of a series of five articles on ConservativeHome this week about the main challenges that await the new Prime Minister.
The global rebound in 2021 was 6.1 per cen,t and this year the IMF expects global growth of 3.2 per cent followed by 2.9 per cent next. These forecasts may prove optimistic.
Unlike the ex-Chancellor, Truss will speed more people on their personal journeys as training, education, self-employment, and opportunity come to touch many more.
A focus on growth is essential to stave off the foreboding economic headwinds that the next occupant of Number 10 will face.
Both candidates agree: there is a “Treasury orthodoxy” that damages economic growth. Coming from an ex-Chancellor and a former Chief Secretary, that is a powerful charge.
She explains why she changed her mind on Brexit, confirms she would change the Bank’s mandate, and says she would be happy to find a place for Sunak in her team.
The Government should be more worried about the balance of payments deficit than about the government deficit. We cannot rely on the goodwill of foreigners. We need to start to close the gap and reduce our demands on foreign currency markets.