Hunt and Markets Take Truss on a Welcome U-Turn: Marcus Ashworth

Reality has undone Trussonomics in a few short weeks. Incoming Chancellor of the Exchequer Jeremy Hunt has wasted no time putting his predecessor Kwasi Kwarteng’s tax cuts to the sword. While it’s never a good look for your economic policies to be dictated by swings in the financial markets, a full 180-degree switch was required to draw a line under the crisis that sent UK government borrowing costs into orbit. Prime Minister Liz Truss’s authority, though, is in tatters.

The new chancellor is the grown-up in the room. “The most important objective for our country right now is stability,” Hunt said when announcing ...