The UK is stuck in a vicious cycle of stagnant growth and endless tax rises
The mini-Budget has been consigned to history. The tax cuts have been reversed. The architects of the experiment have been packed off to the back benches, and a sensible “grown-up” government has been restored.
The UK’s brief experiment with turbo-charging growth, or at least dragging it back up towards “mediocre”, has been brought to a swift and early conclusion.
By the time the new Chancellor Jeremy Hunt, and the new Prime Minister Rishi Sunak, deliver their hastily rescheduled fiscal statement in the middle of next month British economic policy will have been completely reset. It will be as if nothing had happened.
And yet that should not disguise one simple fact: Trussonomics may not have been the right answer, but at least it was addressing the right question.