“For all the shock and dismay at the chaos that has enveloped Britain’s new government, this was a crisis foretold,” the New York Times reports.
“When Liz Truss ran for leader of the Conservative Party on a platform of sweeping tax cuts this summer, her opponent, Rishi Sunak, warned about embarking on a spree of public borrowing at a time of spiraling prices.”
“On Friday, the last strands of that fairy tale unraveled. Prime Minister Truss ousted the chancellor of the Exchequer, Kwasi Kwarteng, after his tax-cutting program roiled the markets and sent the pound into a tailspin. She also announced plans to reinstate an increase in corporate taxes, gutting her supply-side agenda and effectively embracing the policies of the defeated Mr. Sunak.”
