Twelve years in power catch up with the Conservatives
of 45p in the pound for earnings over £150,000 . Coupled with Mr Kwarteng’s decision to fire Tom Scholar, the top civil servant at the Treasury, and the refusal to commission forecasts from the Office for Budget Responsibility, a watchdog, the market response was a sharp sell-off of government bonds. The Bank of England will now increase rates even more sharply than it would otherwise have done.
That has initiated a collapse in Tory poll ratings . Polls conducted in the past week show an average lead for Labour of 23.7%. Ms Truss’s net approval rating of -59 is worse than Mr Johnson at his lowest, said YouGov, a pollster, on October 5th. The loss of the Tories’ historic edge on handling the economy means it is hard to see a scenario in which Labour do not form the next government, says James Johnson, a former Downing Street pollster.
As for the party, the rebellion in Birmingham was so fast and effective because the struggles of the Brexit years and Mr Johnson’s downfall have given its plotters plenty of practice. The 45p rebels marshalled their numbers via phone-calls and spreadsheets far faster than the government whips could. Ms Truss appeared to have learnt nothing from her predecessors’ downfalls, and made little effort to win round an unruly party. Her position was already weak: although the members’ choice, she won the support of fewers during the leadership contest than Mr Sunak. She made little effort to include his supporters in the cabinet.
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