Liz Truss’ press conference performance last Friday had the air of a disgruntled employee working out their notice in a job that was never for them.
Terse and evasive, her blank stare resembled a zoned out manager who had reached the end of their tenure. Taking just four questions from a room full of journalists – and answering none properly – failed to match the seriousness of the moment.
And don’t forget, this was the moment when her economic policy fell apart, less than a month after its unveling. She announced it without contrition, suggesting that the markets weren’t ready for her Growth Plan.
This highlights a long-running issue with spin that I’ve banged on about for years. But they’re not even spinning a line any more. They’ve stopped answering questions and left us staring at an empty podium wondering what the hell just happened.
Here are a few moments which hopefully illustrate my point.
Just when we thought things couldn’t get any stranger…
Friday’s heavily trailed fiscal event contained few surprises for anyone following the news. But it was no less mind-bending for that.
Here was a ‘small-state’ government setting out its most statist programme for borrowing and spending yet. Their supporters would ridicule Labour opponents for suggesting an intervention this big.
At the same time, they unveiled the largest tax cutting programme in 50 years – bigger than Nigel Lawson’s 1988 budget that many still speak about.
The £60bn measures to fix energy prices for homes and businesses had to happen, it’s true.
Other details in the government’s Growth Plan – tax cuts making up £45bn of a £234bn debt financing requirement – sharpen one’s focus on the cost. That’s if you can stop your eyes watering at the size of the numbers.
Meanwhile, markets watched askance as the pound fell to $1.08 against the dollar.
Many commentators pointed to the regressive nature of the tax cuts, which unquestionably favour wealthy people. Others have made this point already, and I’ll touch on it later in this post.
Having followed many statements on growth and helped to promote them when working for a government body, I’m struck by the ‘throw everything at it’ spirit of this one. The pace of change it sets is extraordinary.
The Resolution Foundation’s Torsten Bell explained how unusual this approach is yesterday.
As always, there is much to debate, and people will pour over the detail. Having read the plan, here are five points I thought would interest those striving for better businesses and places.