British PM Liz Truss is turning into a hero: Steve Moore

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1. Well, that didn’t last long. Apparently, the Tory party was going to remove anyone from the party who voted against Truss’ tax cut program. Despite this, with the party polls showing dramatic movement against the Tories as reported by the boys at the Duran, reports of 13 MPs revolting have now expanded to estimates of 70, and with that the vote on the tax cuts have been delayed, til December, and possibly next spring or more likely never. The truth is that the tax cuts, despite the glee it raised in many conservative corners, such as with Steve Moore, were to take place in the face of ever expanding unprecedented spending, from seemingly endless military shipments destined for Ukraine to placing price caps on family cost of living. These ever expanding spending sprees were unsustainable even with the tax cuts, and now will continue as the tax cuts are permanently shelved. Of course, the policy of pursuing excessive spending while issuing tax cuts made for contrasting economic policy, so ending the move to rally the pound at least makes the policy more consistent if not infinitely less viable. The reality is that the tax cut policy would never have paid for the spending spree taking place by Downing Street, but it would have at least made the hemorrhaging less damaging, at least to some extent, in any event.