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Comment: Liz Truss's days likely numbered as Jeremy Hunt ditches mini-budget

She has tanked the economy, trashed her party’s reputation for financial competence and has the worst approval ratings of any Conservative leader.

And her calamitous handling of her former Chancellor’s ‘mini budget’ which sent the markets into freefall is now being junked line by line by the new man at the Treasury, Jeremy Hunt.

Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng. Picture: Stefan Rousseau/PA
Prime Minister Liz Truss and former Chancellor Kwasi Kwarteng. Picture: Stefan Rousseau/PA

His decision to bring forward an emergency statement that was due to be delivered on October 31 was not just about avoiding the predictable Halloween headlines that would follow.

It is acknowledgement that her blueprint for economic growth was so flawed that it has required more rowing back than you’d expect if you were white-water rafting along the Amazon.

With a gaping black hole estimated at £75bn, the sums simply didn’t add up. The PM spun the roulette wheel but her numbers failed to come up.

Her tenancy at Downing Street is shaping up to be one of the shortest on record. And that is entirely of her own making: the question MPs have to ask themselves is what is the point of Ms Truss?

The very fact her colleagues are asking – if not answering – that question illustrates just how big a hole she is in.

As political humiliations go, this has been one of the most painful but those paying a price in higher interest rates not seen in decades are unlikely to have much sympathy.

Our political editor Paul Francis
Our political editor Paul Francis

The Conservatives have a reputation for ruthlessness when it comes to flawed leaders.

It looks increasingly like Ms Truss may soon become the latest casualty.

Away from the political soap opera, the Chancellor indicated there may be more hardship to come, not least in the support for energy costs which will now be reviewed.

As for when Ms Truss departs Downing Street for the final time, that might become clearer in the hours ahead.

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