For a small band of libertarians, Liz Truss’ resignation is the final act in an 11-year project to remake Britain.
It was a revolution 11 long years in the making.
For a small but vocal band of right-wing libertarians, Liz Truss’
appointment as U.K. prime minister on September 6 seemed the triumphant
end point of an epic and improbable march that led them from the fringes
of British politics to Whitehall’s grandest corridors of power.
In the course of just over a decade, a group of little-known
politicians, fringe think tanks and outspoken media figures had helped
drag the Tory Party, and the nation it led, from David Cameron’s vision
of so-called compassionate Conservatism — hugging huskies and all — to a Brexit-backing, free-market embracing, low-tax juggernaut.
It took them four Tory prime ministers, four general elections and an
era-defining referendum to do it — but with Truss in charge, they were
finally living their dream. The country was to be remade in their image.
It lasted 44 chaotic days, and no more.
“They felt their moment had come at last,” said Tim Bale, professor
of politics at Queen Mary University London. “This would prove that
Brexit hadn’t been a ghastly mistake, but a fantastic opportunity. But
of course, as it was always based on fantasy, it was always bound to
collide with reality.”
Truss was elected Conservative leader — and so U.K. prime minister —
last month on the votes of just 81,000 party members, a group large
enough to defeat her more centrist opponent, Rishi Sunak, but still
small enough to fit comfortably inside Wembley stadium, home of the
England football team.
This band of true-blue believers had been wooed by her heady promises
of a low-tax, low-regulation state that would embrace the
opportunities provided by Brexit.
But as soon as PM Truss started to put her promises into action — via
a ‘mini-budget’ on September 23 which included tens of billions of
pounds in unfunded tax cuts alongside a massive energy subsidy scheme —
the markets began sliding into turmoil. Within days it was clear Truss
had triggered an economic crisis — and one that sent the Conservative
poll ratings tumbling along with the value of the pound....
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